Dow Jones Ends Above 31,000, Recording Fastest 1,000 Point Rise To New Milestone In 2 Years

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The Dow Jones Industrial Average closed above the psychologically significant 31,000 mark on Thursday, marking the first such milestone for the benchmark since November, and its fastest move above a 1,000 point marker in about two years.

The 30-stock index closed at 31,041.13, amid a widespread market rally that may have been fueled by relief after the uproar and chaos on the U.S. Capitol and the run-off election in Georgia by Democrats, the prospects for stronger relief plans under the administration of Democratic President-elect Joe Biden.

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The move in equities comes as markets looked past violent protests by supporters of President Donald Trump in Washington on Wednesday and after the president then vowed an orderly transition of power on January 20.

The arrival above 31,000 represents the fastest surge to a milestone, 29 trading days, since the 8 days between 25,000 and 26,000 ending in January 2018, according to Dow Jones Market Data (see attached table ):

It’s also worth noting that the higher the Dow rises, the smaller each 1000 point move as a percentage, but individual investors tend to pay close attention to the Dow when it sets new milestones.

The broader market ended in record territory, with the Russell 2000 Index also surging with the S&P 500 Index and the Nasdaq Composite Index

Here’s a list of the biggest contributors to the Dow’s 1,000-point rise, led by Goldman Sachs Group Inc. followed by UnitedHealth Group Inc. and Walt Disney Co .: