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Nov. 16, 2019, 3:03 p.m. EST

Dow closes above 28,000 — its first thousand-point milestone clearance in 90 trading days

The blue-chip benchmark last achieved such a feat on July 11

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By Mark DeCambre, MarketWatch


MarketWatch photo illustration/Getty Images
28,000?

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 +0.10% 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 +0.15% and the Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +0.05% 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.

/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,677.79
+28.01 +0.10%
Volume: 219.99M
Dec. 5, 2019 5:16p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,117.43
+4.67 +0.15%
Volume: 1.65B
Dec. 5, 2019 5:16p
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
8,570.70
+4.03 +0.05%
Volume: 1.90M
Dec. 5, 2019 5:16p
loading...

Mark DeCambre is MarketWatch's markets editor. He is based in New York. Follow him on Twitter @mdecambre.

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