Dow breaks 28,000 with great lift from one company

The Dow Jones Industrial Average crossed another major milestone on Friday: 28,000.

After hovering near this level for large parts of the day, he received questions about Twitter attention from the White House, eventually breaking the index shortly before New York Stock Exchange closing clock. Apple pushed the rise, gaining almost 31 percent over the 90 trading sessions since the index topped 27,000 and contributed more than 421[ads1] points. The tech giant's gains were driven by two-quarters of strong quarterly earnings and robust demand for the new iPhone 11.

Party that would like to see a nice, big, juicy recession, "President Trump tweeted Friday morning.

Trump is a Republican and has repeatedly complained that an inquiry into the Democrat-controlled House of Representatives is unjustified, claiming his removal would harm the economy.

Along with Apple, a handful of other heavyweights contributed to Dow's meteoric rise since July 11. JPMorgan Chase and United Technologies both gained more than 13 percent during the period and are responsible for a total of 220 points on the advance.

Ticker Security Load Change Change%
AAPL APPLE INC. 265.76 +3.12 + 1.19% [19659017] JPM [1 9659013] JP MORGAN CHASE & CO. 129.53 +0.93 + 0.72% [19659020] UTX UNITED TECHNOLOGIES CORPORATION 149.36 +1.25 + 0.84% ​​196] BA BOEING COMPANY 371.68 +4.24 + 1.15% [19659029] Even Boeing, which has struggled with the fallout from two fatal crashes with 737 Max aircraft, has given a boost. Planmaker's shares have climbed 3.6 percent since the Dow crossed the 27,000 plateau, with all the gains coming after the company's Monday prediction that the best-selling jetliner would return to service in January.


However, as the Dow has marched from 27,000 to 28,000, the pace is nowhere near the index's fastest gain of 1000 points. That credit goes to the advance of 25,000 to 26,000, which capped 4.15 percent and happened over an eight-day span in early 2018, according to Dow Jones Market Data.


By comparison, the slowest increase was the advance from 1000 to 2000, which Dow reached in January 1987 after 21,652 days. Of course, the index needed to get 99.59 percent in that case.

Source link

Back to top button