The Dow Jones industrial average crossed the 20,000 mark for the first time Wednesday (Jan. 25), the latest milestone in a record-setting drive for the stock market.
Time.com reported that strong earnings from Boeing and other big companies helped push the Dow past the threshold early on. U.S. stocks closed solidly higher, lifting the Standard & Poor’s 500 index and Nasdaq composite to record highs of their own for the second day in a row. In early trading today, stocks were gyrating but held above the 20,000 threshold.
Banks and other financial companies led the gainers, which included technology and industrials. Real estate, phone companies and other high-dividend stocks lagged the broader market as bond yields rose.
“It’s a psychological event to get through that big hurdle, that big round number,” said Jeff Kravetz, regional investment strategist at U.S. Bank’s Private Client Reserve. “It’s really symbolic of what’s going on with investor sentiment becoming much more positive, and that’s going to drive stock prices higher.”
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