By Mark DeCambre, MarketWatch
MarketWatch photo illustration/Getty Images
The Dow Jones Industrial Average marked history on Friday — carving out its first breach of a psychological milestone since mid-July, as equity benchmarks mounted an assault on records on the back of hope for progress in U.S.-China trade negotiations.
The Dow /zigman2/quotes/210598065/realtime DJIA +1.04% closed up by just under 223 points, or 0.8%, at 28,004.89, representing the blue-chip index’s 11th record close of 2019 and its first 1,000-point milestone since July 11.
It has been 90 sessions since the blue-chip benchmark achieved a 1,000-point milestone, and it took 372 days to trade above the last such psychological level. Here’s a look at the past round-number milestones for the 123-year-old stock gauge.
The latest rally for the Dow comes as the S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.46% and the Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +2.13% also notched all-time closing highs after White House economic adviser Larry Kudlow on Thursday said U.S.-China trade negotiators are getting close to an agreement but that President Donald Trump wasn’t yet ready to sign off.
Trump “likes what he sees, he’s not ready to make a commitment, he hasn’t signed off on a commitment for Phase 1, we heave no agreement just yet for Phase 1,” he said at a Council on Foreign Relations event, according to the Wall Street Journal .
President Trump’s international trade policies have been the biggest catalyst for volatility in U.S. stocks this year.
To be sure, there is nothing necessarily significant about the Dow’s eclipsing a round-number level, but some market experts say such achievements can spark so-called animal spirits, or bullish enthusiasm, among stock-market investors.