Dow hits 20000 as earnings, Trump rekindle rally

Dow hits 20000 as earnings, Trump rekindle rally

Not only have the S&P; 500, Dow Jones industrial average and Nasdaq composite hit records, but so have the small-cap Russell 2000 index and the Dow transports.

Anticipated for more than a month, the 20,000 market milestone added a fresh jolt of investor optimism into the USA economy.

Goldman, the only Dow member above $200 per share, advanced a third after the election and then settled into a trading band as the holidays approached. Ivanhoe Mines Ltd., the Vancouver-based metals miner with projects in Africa, is the top stock in the index over that time frame, up more than seven-fold.

The S&P; 500 Index jumped 0.6 per cent to a record 2292.98.

Now, however, it is up and past 20,000 for the first time ever. "The Queen of England turned 90 previous year", wrote Bankrate analyst Greg McBride on Wednesday.

Furthermore, the market's upward march has been steady since it bottomed out in spring 2009, following the financial crisis.

It is the latest milestone in a record-setting drive for the stock market.

The index hit a high of 20,034. Australian markets are closed Thursday for the Australia Day holiday.

The index has flirted with the 20,000 level for weeks and it was a handful of Dow components, including Boeing, Caterpillar and Goldman Sachs, that drove the gains. After the Dow cracked 20,000 Wednesday morning, President Trump simply tweeted, "Great!"

JPMorgan Chase, which makes up nearly 3% of the Dow index, has been responsible for about 6% of its growth since the vote.

"The post-election rally was more about a reduction in the uncertainty", said Brad McMillan, the chief investment officer at Commonwealth Financial Network.

The pipeline decision "was not a surprise as it was consistent with campaign rhetoric, yet it was a timely reminder for a listless market of the Trump Administration's push to increase economic activity in the US", analyst Patrick O'Hare told AFP. The Conference Board's consumer confidence index rose to 113.7, up from 109.4 in November.

"The optimism for positive change here at Bank of America and among our customers is palpable and has driven bank stock prices higher".

Why call players targeted two automakers after a meeting with the president.

It may be that the Dow is the best index to own if Mr. Trump's policy initiatives come to fruition. It gives an economic good housekeeping seal of approval to a new Trump administration that's struggled thus far to focus on the most important matters.



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