Defense stocks surged Wednesday, with a number of them running up to record highs, as Donald Trump’s election victory and the Republican sweep of Congress spurred hopes of increased spending.

The iShares U.S. Aerospace & Defense exchange-traded fund ITA, -2.00% powered up 4.3% to a record close, with 34 of 37 equity components trading higher. That outperformed the broader stock market, as the S&P 500 index SPX, -1.87% rose 1.1% and the Dow Jones Industrial Average DJIA, -1.58% tacked on 1.4%. See Market Snapshot.