It's likely no one will order ball caps labeled "Dow 33K", but America's most famous stock index hit another 1,000 milestone on Wednesday.
The Dow Jones industrial average
ended the day up 189.42 points, up 0.6%, and closed on a record 33,015.37, just five trading days after reaching the 32,000 milestone. According to Dow Jones Market Data, this was the fastest journey ever through consecutive milestones with 1,000 points.
However, as anyone with a passing familiarity with arithmetic would notice, the higher the market, the less impressive such milestones become. After all, a change from 32,000 to 33,000 means an increase of only 3.125%. In contrast, the jump from 9,000 to the highly hat-worthy 10,000 level in the bubbly dot-com days of 1999 was an 11.1% increase.
The second fastest move between milestones was an eight day trip from 25,000 to 26,000, an increase of 4%.
OK, math class over. What drove the blue chip ad from 32,000 to 33,000?
An afternoon rally at Wednesday's session following the much-anticipated Federal Reserve policy statement, and particularly Fed Chairman Jerome Powell's press conference, was read as solidly reluctant, reinforcing the central bank's message that it is committed to keeping the economy running hot before it begins to slow down the ultra-light monetary policy measures.
However, the Dow had torn a rift ahead of the meeting, having posted a seven-day winning streak and four-day record run before losing some ground in Tuesday's session, lifted by expectations of spike in US economic growth and much of the world is emerging from the COVID-19 pandemic. And those expectations were only heightened by President Joe Biden's signature last week of a $ 1.9 trillion COVID relief spending package on top of previous rounds of fiscal stimulus.
The S&P 500
ended the day with a plus of 0.3% and also set a record with a closing price of 3,974.12. The tech-heavy Nasdaq Composite
put out an early loss and ended 0.4% higher.
Among the individual drivers, Dow Jones Market Data stated that aircraft manufacturer Boeing Co. made the largest contribution among the Dow's 30 components.
Adding 120.08 points to the index during the run from 32,000 to 33,000. A full breakdown of the leaders and stragglers can be found below:
Home Depot Inc.
McDonald & # 39; s Corp.
Walgreens Boots Alliance Inc.
Goldman Sachs Group Inc.
UnitedHealth Group Inc.
Traveler Cos. Inc.
Merck & Co. Inc.
Johnson & Johnson
International Business Machines Corp.
Cisco Systems Inc.
Procter & Gamble Co.
Walt disney co.
Honeywell International Inc.
Walmart Inc. WMT
JPMorgan Chase & Co.
Verizon Communications Inc.
American Express Co.
Source: Dow Jones market data