Dow ends up over 32,000 marks for the first time. See how you got there

Dow ends up over 32,000 marks for the first time. See how you got there

by

The Dow Jones Industrial Average closed on Wednesday above the psychologically significant level of 32,000, setting a milestone during a turbulent period for the stock market as the economic recovery from the pandemic takes shape.

The 30-share index closed at 32,297.02, as was the Nasdaq Composite COMP,
-0.04%
ended in negative territory, still wallowing in the correction of its February 12 record. But the Dow crossed 42 trading days before clearing its last 1,000-point mark, marking the fastest move since rising from 30,000 to 31,000 on January 6.

The rise in the blue-chip index occurs when economic data suggests that concerns about out-of-control inflation may have been exaggerated, at least in the short term, helping to boost a rise in stocks that may perform better in the scenario of a improved business environment.

In addition, the House, in a 220-211 vote, passed a $ 1.9 trillion coronavirus relief bill and sent it to President Biden for his signature, legislation that is intended to provide a round of new spending and anti-poverty measures in Congress. It comes as vaccine launches from companies like Johnson & Johnson JNJ,
+ 0.92%
are illuminating the prospects for a strong recovery from the public health disaster.

Against this backdrop, Dow DJIA,
+ 1.46%
managed to rise despite a surge in turbulence in recent weeks and growing concerns about stock market valuations.

An increase in yields on benchmark securities also spurred high-tech rotation and growth-oriented actions for those considered to be more cyclical in nature, such as energy, industrial and financial, which are expected to perform better as the economy improves.

Specifically, Goldman Sachs GS,
+ 3.46%
was the biggest contributor to Dow’s 1,000-point hike, adding up to more than 330 points, according to Dow Jones Market Data. The Boeing Co. BA,
+ 6.39%,
adding 214 points, it was the second best contributor to the price-oriented index.

Here is a complete list of leaders and latecomers:

AMGNTicker

Points contribution

Goldman Sachs

331.41

Boeing

214.69

Caterpillar CAT,
+ 1.96%

176.53

American Express AXP,
+ 1.14%

165.08

Chevron Corp. CLC,
+ 1.71%

139.16

JPMorgan Chase & Co. JPM,
+ 2.17%

126.72

Walt Disney Co. DIS,
+ 0.28%

108.43

Travelers Cos. Inc. TRV,
+ 1.01%

107.31

3M MMM,
+ 1.84%

97.31

Microsoft MSFT,
-0.58%

92.97

Intel Corp. INTC,
-0.67%

66.19

Visa V,
+ 1.28%

61.58

Dow Inc. DOW,
+ 2.94%

36.71

Walgreens Boots Alliance Inc.

34.61

Cisco CSCO,
+ 0.84%

21.91

Coca-Cola Co. KO,
+ 1.14%

9.74

McDonald’s Corp. MCD,
+ 2.28%

8.75

Honeywell HON,
+ 2.55%

1.97

Home Depot HD,
+ 1.11%

-0.13

International Business Machines IBM,
+ 2.97%

-7.37

Johnson & Johnson JNJ,
+ 0.92%

-8.03

Verizon Communications VZ,
+ 1.57%

-9.54

Amgen AMGN,
+ 0.42%

-26.21

Salesforce.com CRM,
+ 0.20%

-39.61

Nike NKE,
+ 1.21%

-48.43

Merck MRK,
+ 0.84%

-60.93

Apple AAPL,
-0.91%

-71.98

Procter & Gamble PG,
+ 0.92%

-75.73

Walmart WMT,
+ 2.55%

-95.21

UnitedHealth Group Inc. UNH,
-0.68%

-101.52
Source: Dow Jones Market Data

It is also worth noting that the further the Dow goes up, the smaller each move is by 1,000 percentage points, but individual investors tend to pay close attention to the Dow when it reaches new milestones.

.Source