Dow jones industrial average surpasses 20,000 to record high _ business _ the guardian


The Dow Jones industrial average finally broke through the 20,000 barrier on Wednesday morning – a historic high for the leading stock market index and one it has been close to breaching since Christmas.

The Dow, which first nearly topped 20,000 on 13 December and again on 6 January, when it came within 0.37 points of the landmark, finally broke through after the opening bell was rung on Wall Street by Ashton Poole, CEO of lender Triangle Capital. Joy news today When the closing bell was rung by executives from InBev, brewers of Stella Artois, traders whooped and cheered a new milestone in the index, which closed at a record high of 20,068.

The market had rallied sharply in the wake of Donald Trump’s presidential victory but seemed to lose steam ahead of his first day in office. Usd to inr exchange rate forecast It broke the barrier on Wednesday morning after infrastructure stocks rose sharply ahead of the market’s opening, boosted by Trump’s renewed pledge to build a wall along the Mexican border and talks of massive infrastructure investment. Hilton travel agent rates A rise in Boeing’s shares, which reported better than expected results on Wednesday, and the continued rally in the financial sector that has accompanied Trump’s win also helped push the Dow over the line.

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The Dow, which has risen about 9% since Trump’s victory, is probably the best-known US stock indicator although its limited measure is not the one favoured by most market professionals. Cad to usd conversion calculator It measures the performance of 30 of the largest publicly owned companies based in the United States, including Apple, ExxonMobil and Goldman Sachs. Euro today rate While it has inched over the 20,000 mark, overall its latest rise has been sudden. Price of gold per ounce today in usa The Dow surpassed 19,000 for the first time just 42 days ago – two days before the Thanksgiving holiday and has risen 5.6% since then. The boxery Similar sharp rises in the index have been followed by sharp falls.

The last time the Dow added 1,000 points so quickly was in May 1999. Bloomberg world market futures The index passed 10,000 in that same year, the height of the dotcom bubble, only to lose much of those gains in the coming crash. Yahoo finance futures market But market watchers said they believed this rally was on a more solid footing.

The recent rapid rise has been driven in part by expectations that Trump will introduce policies that will boost growth and cut regulatory pressures on US companies. Euro pound exchange rate history Trump has pledged to roll back the Dodd-Frank regulations brought in to more tightly control financial institutions in the wake of the 2008 financial meltdown. Futures market data Banks and other financial companies have been among the biggest beneficiaries of the recent share-price rise.

But the rise comes against a strong upward trend in the Dow that stretches back to the end of the recession in 2009 and the decision of the Federal Reserve to slash interest rates, making shares a more attractive investment. The boxer rebellion band Rise in the Dow Jones industrial average

Few on Wall Street seemed overexcited by the news. Hkd to usd exchange rate history When the Dow hit 10,000, Richard Grasso, then chairman of the New York stock exchange, closed the day’s trading with Rudy Giuliani, New York’s mayor. Usd to zar chart They threw “Dow 10,000” caps to a cheering crowd of traders.

The reaction was more muted this time, in part because so much trading has moved online since 1999 and also because the new level comes after an eight-year run of rises.

Scott Wren, senior global equity strategist for Wells Fargo Investment Institute, said given the overall health of the US economy he would have expected a broadly similar rise had Hillary Clinton won the election. Usd to myr forecast Any changes to regulation Trump has planned could take years to pass and implement, he said, and investors were more interested in shorter-term trends. Convert usd to zar “I would hesitate to call it a Trump rally,” he said. Global market futures “I’d say 80% of where we are now is down to fundamentals and probably another 20% is post-election enthusiasm.”

Jack Ablin, chief investment officer of BMO Financial Group, called the news “psychologically important” but said it was unlikely to set a new benchmark for the index, and that the Dow would probably dip above and below the 20,000 level for some time.

“The surge in financials is probably one of the biggest fuel sources for this rise,” said Ablin. Cad usd fx rate “It’s hard to know if it’s sustainable; there is a lot of expectation not only that these new policies will be passed but also that they will work.”