Dow closes above 26,000 for first time in history

Jan. 17 (UPI) -- The Dow Jones Industrial Average closed above 26,000 for the first time in its 121-year history Wednesday, one day after it first broke the milestone number.

At closing, the index was up 323 points (1.3 percent) to 26,115.65, the largest one-day point gain since November 2016.

The Dow first hit 26,000 Tuesday, 12 days after it hit 25,000 -- the fastest run between 1,000-point milestones in history.

Also Wednesday, the S&P 500 gained 0.9 percent, closing at 2,802.56. The Nasdaq closed up 1 percent at 7298.28, also a record.

Corporate earnings are off to a strong start in 2018, propelling share estimates, including at Bank of America, which reported stronger-than-expected adjusted quarterly earnings.

"You've got a bullish start to the earnings season and earnings are expected to be strong for 2018," Adam Sarhan, CEO of 50 Park Investments, told CNBC. "The very strong underlying trend for the market remains in place."

Sara Shayanian contributed to this report.