The Dow Jones Industrial Average traded above 20,000 for the first time on Wednesday, as investors bet on Trump’s presidency. If this index stays up, it would be the second fastest jump between two milestones.
As post-election rally resumes, The Dow Jones has traded above 20,000 for the first time on Wednesday. Investors have reportedly been depending on the new administrations and banking on the expected pro-growth policies and tax cuts.
Comments on the Increased Trade
“A seminal moment. It is just a number but it is a big number, it is certainly a flashy number,” said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.
“There is a real belief that Trump is real, he has been extremely active these first couple of days of the presidency and a change may happen faster than people had thought.”
The Increased Trade
The index closed above 19,000 for the first time on November 22nd. The rise from 18,000 to 19,000 took 483 trading sessions. Goldman Sachs and JPMorgan accounted for nearly 20 percent.
Just about four minutes into trading this morning, the Dow was at 20,007.77, gone up 0.5 percent.
If the index stays above 20,000 by closing time, this would mark the surge as the second-shortest length of time between such milestones.
On Wednesday, Boeing went up 2.3 percent, and Goldman Sachs went up 0.7 percent, which helped push the index over 20,000.
The fastest so far was 24 trading days between 10,000 and 11,000 from March 29 to May 3 in 1999.
Other Record Highs
The S&P and the Nasdaq also hit record “intraday” highs. At NAsdaq, 1,706 issues rose and 500 fell. They also reported 96 new 52-week highs and five new lows. At S&P, there were 51 new highs and no new lows.