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The Dow Jones Industrial Average closed on Thursday above the psychologically significant mark of 31,000, marking the first round number mark for the benchmark since November, and its fastest move above 1,000 points in about two years.
The 30-share index closed at 31,041.13, amid a broad market recovery that was driven, perhaps, by relief after US Capitol turmoil and chaos and after Democrats’ second-round victories in Georgia, prospects increased more robust relief plans under Democratic President-elect Joe Biden.
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The move to stocks comes at a time when markets put aside violent protests by President Donald Trump’s supporters in Washington on Wednesday and after the president subsequently promised an orderly power transition on January 20.
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The conclusion above 31,000 represents the fastest increase to a milestone, 29 trading days, since the 8 days between 25,000 and 26,000 ended in January 2018, according to Dow Jones Market Data (see the attached table):
It is also worth noting that the further the Dow goes up, the smaller each 1,000 point move in percentage terms, but individual investors tend to pay close attention to the Dow when it reaches new milestones.
The broader market ended in record territory, with the Russell 2000 index also rising with the S&P 500 index and the Nasdaq Composite index
Here is a list of the biggest contributors to Dow’s 1,000-point rise, led by Goldman Sachs Group Inc. followed by UnitedHealth Group Inc. and Walt Disney Co .:
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