The Dow Just Blew Passed Another Record Milestone For the First Time
Donald Trump can add a few more billions to his accomplishments list.
On Wednesday, the Dow Jones industrial average, the most widely watched gauge of the stock market, shot past the 21,000 barrier for the first time, gaining 350 points, as investors appeared to gain more confidence in President Trump following his speech to Congress Tuesday night.
Nearly every Dow stock was up. Only shares of Intel (intc) and Walmart (wmt) saw slight losses. Among the Dow’s biggest gainers were financial stocks, with J.P. Morgan Chase (jpm) up more than 3% and Goldman Sachs (gs) up 2% in midday trading. Apple (aapl), Exxon Mobil (xom), and Boeing (ba) were also among the largest movers, with each rising more than 2%.
While Trump didn’t give many specifics on tax and fiscal policy, investors seem to be reassured by the speech’s presidential tone, which has been lacking for pretty much the entirety of his presidency thus far. Trump was also significantly more optimistic about the future than he has been in the past, which was a welcome message for many who have been looking for positivity from him. Wall Street clearly liked what it heard, with premarket trading pushing the Dow up nearly 200 points before the day even officially began, and the climb only continued from there.
Before last night’s speech, investors were already bullish on Trump. The Dow has been on a steady climb since Trump’s election, rising more than 15% since Nov. 8 on the back of his heavy rhetoric about cutting corporate taxes and stripping regulations. It has only been a little more than a month since the Dow broke the 20,000 barrier.
Stocks did well throughout the market. The S&P 500 and Nasdaq Composite also hit all-time highs, gaining more than 1.4% and 1.3%. The S&P came within a couple points of touching the 2,400 mark, while the Nasdaq surpassed 5,900 for first time.
Today’s gain was also helped by the growing indications that the Federal Reserve will raise interest rates soon, which is not only a sign of a stronger economy but will also help banks make more money. Overall, bank stocks were up more than 3%.
Among the biggest movers for the day were Weight Watchers International (wtw) and Office Depot (odp), which gained 29% and 15%, respectively.
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