Dow surges past 24,000-mark for first time in history

By Allen Cone  |  Nov. 30, 2017 at 1:00 PM
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Nov. 30 (UPI) -- The Dow Jones Industrial Average surged past the 24,000-mark for the first time ever Thursday -- just one month after topping the 23,000 barrier.

The Dow surged in early trading, up more than 100 points from Wednesday's close and it was up 350 points around 24,300 after 3 1/2 hours of trading. The stock index closed above 23,000 for the first time on Oct. 18

Since President Donald Trump took office, the Dow has increased nearly 6,000 points -- about 25 percent. It has recorded 79 daily highs since the inauguration.

Trump celebrated the milestone by posting on Twitter: "If the Dems had won the Presidential Election, the Market would be down 50% from these levels and Consumer Confidence, which is also at an all-time high, would be "low and glum!"

The S&P 500 also reached an all-time high above 2,600 at the opening bell -- and the Nasdaq neared a record high. The Nasdaq has climbed 30 percent since the presidential election.

"Investors are feeling golden," Sam Stovall, chief investment strategist at CFRA Research, told CNN. "Until you get signs that this economy is likely to roll over and die, investors believe stocks remain the place to be."

The stock market has been rising during a strong U.S. economy. It was reported Wednesday the gross domestic product grew 3.3 percent between July and September -- the second-straight quarter of 3 percent growth, according to the Commerce Department.

In testimony before Congress Wednesday, Fed Chair Janet Yellen said the economy has been growing, buoyed by an unemployment rate of 4.1 percent in October, and suggested interest rates could rise in December.

The market gains Thursday came at a time the Senate is poised to vote on its tax reform bill, which includes cutting the corporate rate from the current 35 percent.

Although companies have reported strong earnings, Morgan Stanley warned in a recent report that "such calm is likely to wane" in 2018.

"Bull markets don't die of old age," Stovall said. "They die of fright, and what they're most afraid of is recession."

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