BREAKING: Dow Jones Industrial Average closes at record-breaking milestone

BY ANNETA GRIFFEE / JANUARY 17, 2018 /

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Wednesday, the Dow Jones Industrial Average jumped 323 points, closing above 26,000 for the first time in its 121-year history.

Fox News tweeted out the following announcement: “The Dow Jones Industrial Average closed above 26K for the first time ever, closing at a new 1,000 point milestone in 8 trading days; fastest in history. The Nasdaq, and S&P 500 also closed the day at record highs.”

 

USA Today reported:

At the closing bell, the Dow Jones industrial average was up 323 points, or 1.3%, to a record 26,115.65. It was the Dow’s best one-day point gain in 14 months, or since the day before Donald Trump was elected president.

The fresh milestone comes just 13 calendar days after the 30-stock index topped 25,000, marking the fastest 1,000-point climb in its history, according to S&P Dow Jones Indices.

The Dow, which rallied 25.1% last year, has continued its surge at the start of 2018 amid rising optimism that tax cuts will lift corporate earnings and the economy. In the first 11 trading days of the year it has risen nearly 1,400 points, or 5.6%.

A few days before Christmas the president signed off on a tax bill that slashed the corporate tax rate to 21% from 35%. Since then, Wall Street analysts have been boosting their 2018 earnings forecasts for U.S. companies at the quickest pace in a decade, providing a fresh tailwind for a market that some skeptics say is pricey.

Dr. Milton Wolf of Kansas posted a humorous example of what the media is focused on: