Dow Opens Above 20,000 Intraday For The First Time Ever

By Mark DeCambreMarketsMarketWatch Pulse

The Dow Jones Industrial Average on Wednesday kicked off trade above the psychologically significant threshold of 20,000, representing a milestone for the blue-chip gauge and highlighting a relatively speedy path higher for the Dow (42 days--marking the second fastest 1,000-point move in history) in the wake of Donald Trump's election win in November. He took the oath of office Jan. 20. Trump has promised a raft of pro-business policies which have driven equity values higher and a batch of corporate results, for some investors, have added to the enthusiasm for U.S. equities. The Dow rose 113 points, or 0.6%, at 20,024, the S&P 500 gained 7 points, or 0.4%, to 2,288, while the Nasdaq Composite Index jumped 34 points, or 0.6%, to 5,634. Both the S&P 500 index and the Nasdaq ended at records Tuesday and are on track to finish at all-time highs, along with the Dow, if trading holds at current lofty levels. Although the pace of gains had tapered somewhat, since Trump's Nov. 8 election the Dow is up nearly 9%, the S&P 500 index has gained 7% and the Nasdaq Composite Index has advanced about 8%. In corporate news, Dow component Boeing Inc. posted better-than-expecting earnings, while United Technologies Corp. reported lackluster fourth-quarter results. Meanwhile, the dollar was trading flat at 100.2800, as measured by the U.S. ICE Dollar Index and the benchmark 10-year Treasury yields extended their gains, adding 3.4 points at 2.50%.

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