Dow closes near record high just hours after election night freefall

NEW YORK, Nov. 9 (UPI) -- Financial markets are notoriously volatile immediately before, during and after a major election -- and Wall Street has set a gold standard for that example.

After freefalling about 800 points late Tuesday night, the Dow Jones Industrial Average rebounded spectacularly on Wednesday -- soaring 256 points to finish trading at 18,589.69, or 80 points short of setting a new record high..

The intraday high for the index is 18,668, and some analysts believe that could be surpassed on Thursday.

The S&P 500 rose 21 points (2,163.26) and the Nasdaq spiked 58 points (5,251.07).

"President Donald Trump.....this reality has come as a shock to the stock market....but this is a near-term reaction. Buy this dip!" veteran financial technician Ralph Acampora tweeted Wednesday.

"Dow 20,000 here we come," he told CNBC.

Acampora theorizes that certain sectors of the market are all going to pick up steam and push the market higher -- hitting the 20,000-mark, perhaps, before the end of 2016.

"People are going to realize the world is not coming to an end," he said.

"Overnight was all about uncertainty. Today we know the result," analyst JJ Kinahan noted.

Further volatility is expected as speculation for Trump's cabinet choices are batted around.