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Dow Trumps 21K After President’s Speech To Congress

A screen shows the Dow Jones Industrial Average after the close of trading on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 22, 2016. REUTERS/Brendan McDermidA screen shows the Dow Jones Industrial Average after the close of trading on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 22, 2016. REUTERS/Brendan McDermid

The Dow Jones Industrial Average breached 21,000 for the first time in its history Wednesday morning, coming off the heels of President Donald Trump’s first address to Congress Tuesday.

The benchmark index sits at 21,040.82 as of 9:58 a.m. EST Wednesday morning. The rally is led by surging prices of bank, credit, and pharmaceutical stocks.

Wednesday morning’s roar may come as a surprise to few, as the Dow experienced its 12th straight record close Tuesday as investors eagerly anticipated the president’s speech. The surge, however, is interesting, given the president’s commitment to hold off on tax reform and the fact that he failed to mention Dodd-Frank and regulatory reform in his speech.

The index broke 19,000 for the first time Nov. 22, and also marked the beginning of a market rally that continues today. It took just 13 trading days for the Dow to break 19,000. Prior to the November jump, the Dow hadn’t experienced a thousand-point rally since 1999, when it went from 10,000 to 11,000 in just over 24 trading sessions. The ’99 rally was also the single fastest thousand point jump in the Dow’s history. (US Stock Markets Hit All-Time High Tuesday Morning)

The Dow ticked above 20,000 just 35 trading days ago, which also marked the second-fastest surge to a new 1,000 point milestone. The index is up nearly 15 percent since Nov. 8. (RELATED: Dow Sets New Record, Gains 1,000 Points)

The Dow, S&P 500, and NASDAQ indexes are all poised to close at record highs Wednesday.

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Robert Donachie
the authorRobert Donachie
I studied Political Economy at Rhodes College in Memphis, Tn. I am an active musician and I love the outdoors. I write on economics, politics, healthcare policy (nerd things) and cronyism for the Daily Caller News Foundation.

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