BREAKING: DOW Closes Above 21,000 As Optimism On Wall Street Continues To Soar
By Victoria Craig, Fox Business // March 1, 2017
ABOVE VIDEO: Secretary of the Treasury Steven Mnuchin told Neil Cavuto the goal of President Donald J. Trump’s proposed tax cuts is to “pass reform by the August recess,” having it voted, done and “signed.”
(FOX BUSINESS) – The Dow Jones Industrial Average crossed the 21,000 milestone at the opening bell Wednesday morning in what was one of the fastest 1,000-point advances in the blue-chip index’s history.
Optimism on Wall Street came from President Donald Trump’s first address to a joint session of Congress on Tuesday night in which he outlined the ways in which he hoped to “make America great again.”
His policy priorities included repealing the Affordable Care Act – a cornerstone of President Barack Obama’s administration, revamping the U.S. tax code, improving trade policies, and requesting Congress approve $1 trillion for infrastructure spending.
The president’s speech offered few explicit details about how he plans to move these policy priorities across the finish line, but that didn’t seem to bother U.S. investors much who sent the Dow nearly 200 points higher at the start of trade.
“There was little to nothing on deregulation of financial institutions or on what budget cuts will be made to compensate for higher military spending. And he mentioned taxes, but there was next to no meat in any of that,” said Michael Block, chief strategist at Rhino Trading Partners.
The Dow rallied more than 330 points, or 1.6% to 21144 on Wednesday. If the index closes above the 21000 level, it will have taken just 24 days to advance from the highly-anticipated 20000 milestone, matching the Dow’s progress from 10000 to 11000 in 1999.
While the Dow’s point ascent ties for the fastest ever, the 1999 run was a bigger boost on a percent basis as it rose 10% compared to just 5% for the latest leg higher.
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ABOVE VIDEO: Dow Jones punches past 21,000 for first time