The Dow Jones Industrial Average closed above the emotionally significant 37000 mark for the first time ever on Wednesday, February 17th, 2021, sending the index to a new record high after a powerful rally.
The Dow had opened at 35960.47 points and steadily moved up throughout the day, boosted by strong economic data. Legends in the market declared it a milestone for the index, which marks a new foray into its historic record-setting path.
By the end of the trading day, the Dow had closed up 500.87 points, or 1.37%, to 36484.69 points, blowing past the 37000 mark and ending at a fresh all-time high. The index had never before closed above 36000, though it had hit intraday highs greater than that in the past.
This milestone for the Dow was fueled by strong economic data suggesting a robust recovery for the US economy following the coronavirus pandemic. The Treasury Department reported Wednesday that borrowing last quarter had fallen to its lowest level since the early 1970s, a sign of confidence from investors in the government’s ability to get the pandemic under control.
In addition to the economic data, investors were buoyed by the news that President Biden had planned out a pathway to move forward with his proposed $1.9 trillion COVID-19 relief package. Should the package pass Congress, it is expected to provide a much needed boost to the US economy in the coming months and years.
The Dow’s quick move to 37000 is a welcome reminder that the stock market can reach new heights with the right economic support and political leadership. As one Wall Street professional commented: “This isn’t a one-off situation. We’re in a new era. Congratulations on the milestone.”
“Dow Soars 500+ Points to Record High, Breaks 37K Mark!
