It’s Another Record! Dow Hits Over 21,000 for First Time
It’s a good time to be on Wall Street.
FOX’s Victoria Craig reports:
Optimism is running high on Wall Street.
The Dow rallied above 21,000 points for the first time ever on Wednesday and investors say momentum came from euphoria over more pro-business policies from the White House and continued U.S. economic strength.
It took the blue-chip average just 24 days to advance 1,000 points. That tied a previous record set back in 1999 when the Dow traded from 10,000 to 11,000 points. Though speedy, the run up wasn’t quite of equal proportions. The gain from 20,000 to 21,000 represented a 5% move higher, while the 1999 rally was a 10% advance.
Since Election Day, the Dow has jumped more than 14% as investors cheer the prospect of lower taxes, less regulation and more fiscal spending. While the President’s first speech to a joint session of Congress on Tuesday night was short on detail, coupled with real economic improvements in the U.S., investors felt confident there was more room to rally, said LPL financial senior market strategist Ryan Detrick.
Victoria Craig, FOX News.
