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March 18, 2021, 9:22 a.m. EDT

Dow scores fastest 1,000-point move in history as it tops 33,000 milestone — here’s what drove it there

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By William Watts

No one is likely to order any ball caps emblazoned with “Dow 33K,” but America’s most well-known stock index cleared another 1,000-point milestone on Wednesday.

The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.36% ended the day up 189.42 points, a gain of 0.6%, to close at a record 33,015.37, just five trading days after clearing the 32,000 milestone. That marked the fastest-ever trip through consecutive, 1,000-point milestones on a closing basis, according to Dow Jones Market Data.

As anyone with a passing familiarity with arithmetic would note, however, such milestones become less impressive the higher the market goes. After all, a move from 32,000 to 33,000 marks a rise of just 3.125%. In contrast, the move from 9,000 to the eminently hat-worthy 10,000 level back in the bubbly dot-com days of 1999 marked a rise of 11.1%.

The second-fastest move between milestones was an eight-day journey from 25,000 to 26,000, a rise of 4%.

OK, math lesson over. So what drove the blue-chip gauge from 32,000 to 33,000?

An afternoon rally in Wednesday’s session after the Federal Reserve’s eagerly awaited policy statement and, in particular, Fed Chairman Jerome Powell’s news conference was read as solidly dovish , reinforcing the central bank’s message that it was committed to allowing the economy to run hot before starting to put the brakes on its ultra-easy monetary policy measures.

The Dow had been on a tear ahead of the meeting, however, notching a seven-day winning streak and a four-day run of record closes before losing some ground in Tuesday’s session, lifted by expectations for a surge in economic growth as the U.S. and much of the world emerges from the COVID-19 pandemic. And those expectations were only enhanced by President Joe Biden’s signing last week of a $1.9 trillion package of COVID-relief spending, which comes on top of earlier rounds of fiscal stimulus.

The S&P 500 /zigman2/quotes/210599714/realtime SPX -0.87% ended the day up 0.3%, also setting a record with a close at 3,974.12. The tech-heavy Nasdaq Composite /zigman2/quotes/210598365/realtime COMP -0.09% erased an early loss to end 0.4% higher.

Among the individual drivers, Dow Jones Market Data said the biggest contributor among the Dow’s 30 components was plane-maker Boeing Co. /zigman2/quotes/208579720/composite BA -1.74% , adding 120.08 points to the index during the run from 32,000 to 33,000. A complete breakdown of the leaders and laggards is below:

Company Ticker
Boeing Co. +120.08
Amgen Inc. /zigman2/quotes/209157011/composite AMGN +94.15
Home Depot Inc. /zigman2/quotes/208081807/composite HD +90.73
Caterpillar Inc. /zigman2/quotes/203434128/composite CAT +82.70
McDonald’s Corp. /zigman2/quotes/203508018/composite MCD +71.06
Nike Inc. /zigman2/quotes/203439053/composite NKE +47.57
Apple Inc. /zigman2/quotes/202934861/composite AAPL +31.45
Microsoft Corp. /zigman2/quotes/207732364/composite MSFT +30.40
3M Co. /zigman2/quotes/205029460/composite MMM +24.94
Walgreens Boots Alliance Inc. /zigman2/quotes/203410933/composite WBA +23.55
Intel Corp. /zigman2/quotes/203649727/composite INTC +23.23
Goldman Sachs Group Inc. /zigman2/quotes/209237603/composite GS +19.28
UnitedHealth Group Inc. /zigman2/quotes/210453738/composite UNH +16.98
Travelers Cos. Inc. /zigman2/quotes/206313935/composite TRV +16.71
Merck & Co. Inc. /zigman2/quotes/209956077/composite MRK +16.71
Dow Inc. /zigman2/quotes/203121064/composite DOW +12.63
Johnson & Johnson /zigman2/quotes/201724570/composite JNJ +10.66
International Business Machines Corp. /zigman2/quotes/203856914/composite IBM +7.63
Salesforce.com Inc. /zigman2/quotes/200515854/composite CRM +7.63
Cisco Systems Inc. /zigman2/quotes/209509471/composite CSCO +7.43
Procter & Gamble Co. /zigman2/quotes/202894679/composite PG +7.11
Walt Disney Co. /zigman2/quotes/203410047/composite DIS +1.18
Honeywell International Inc. /zigman2/quotes/205583690/composite HON +0.79
Walmart Inc. WMT +0.66
JPMorgan Chase & Co. /zigman2/quotes/205971034/composite JPM -0.26
Visa Inc. /zigman2/quotes/203660239/composite V -0.99
Coca-Cola Co. /zigman2/quotes/209159848/composite KO -1.32
Verizon Communications Inc. /zigman2/quotes/204980236/composite VZ -8.75
American Express Co. /zigman2/quotes/203805826/composite AXP -13.62
Chevron Corp. /zigman2/quotes/205871374/composite CVX -21.98
Source: Dow Jones Market Data
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,269.16
-473.66 -1.36%
Volume: 411.96M
May 11, 2021 4:20p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,152.10
-36.33 -0.87%
Volume: 2.43B
May 11, 2021 4:20p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
13,389.43
-12.43 -0.09%
Volume: 4.17M
May 11, 2021 5:00p
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/zigman2/quotes/208579720/composite
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$ 228.88
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Market Cap
$136.22 billion
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/zigman2/quotes/209157011/composite
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20.90
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Market Cap
$145.14 billion
Rev. per Employee
$1.04M
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/zigman2/quotes/208081807/composite
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$ 330.66
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May 11, 2021 4:00p
P/E Ratio
27.69
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2.00%
Market Cap
$366.78 billion
Rev. per Employee
$261,708
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/zigman2/quotes/203434128/composite
US : U.S.: NYSE
$ 239.30
-3.31 -1.36%
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May 11, 2021 4:00p
P/E Ratio
38.24
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1.72%
Market Cap
$132.90 billion
Rev. per Employee
$429,044
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/zigman2/quotes/203508018/composite
US : U.S.: NYSE
$ 233.86
-3.25 -1.37%
Volume: 3.02M
May 11, 2021 4:00p
P/E Ratio
34.01
Dividend Yield
2.21%
Market Cap
$176.93 billion
Rev. per Employee
$96,039
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/zigman2/quotes/203439053/composite
US : U.S.: NYSE
$ 137.12
+0.72 +0.53%
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May 11, 2021 4:00p
P/E Ratio
64.73
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0.80%
Market Cap
$215.51 billion
Rev. per Employee
$496,286
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/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 125.91
-0.94 -0.74%
Volume: 125.71M
May 11, 2021 4:00p
P/E Ratio
28.25
Dividend Yield
0.70%
Market Cap
$2116.83 billion
Rev. per Employee
$1.86M
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/zigman2/quotes/207732364/composite
US : U.S.: Nasdaq
$ 246.23
-0.95 -0.38%
Volume: 33.61M
May 11, 2021 4:00p
P/E Ratio
33.51
Dividend Yield
0.91%
Market Cap
$1861.65 billion
Rev. per Employee
$877,393
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/zigman2/quotes/205029460/composite
US : U.S.: NYSE
$ 203.72
-3.61 -1.74%
Volume: 2.55M
May 11, 2021 4:04p
P/E Ratio
20.80
Dividend Yield
2.91%
Market Cap
$120.18 billion
Rev. per Employee
$338,825
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/zigman2/quotes/203410933/composite
US : U.S.: Nasdaq
$ 54.24
-0.87 -1.58%
Volume: 5.20M
May 11, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
3.45%
Market Cap
$47.64 billion
Rev. per Employee
$421,562
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/zigman2/quotes/203649727/composite
US : U.S.: Nasdaq
$ 55.04
-0.93 -1.66%
Volume: 35.95M
May 11, 2021 4:00p
P/E Ratio
12.37
Dividend Yield
2.53%
Market Cap
$226.01 billion
Rev. per Employee
$704,042
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/zigman2/quotes/209237603/composite
US : U.S.: NYSE
$ 359.92
-8.76 -2.38%
Volume: 3.73M
May 11, 2021 4:00p
P/E Ratio
8.95
Dividend Yield
1.39%
Market Cap
$125.43 billion
Rev. per Employee
$1.31M
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/zigman2/quotes/210453738/composite
US : U.S.: NYSE
$ 411.70
-9.19 -2.18%
Volume: 3.02M
May 11, 2021 4:00p
P/E Ratio
23.40
Dividend Yield
1.21%
Market Cap
$397.19 billion
Rev. per Employee
$779,215
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/zigman2/quotes/206313935/composite
US : U.S.: NYSE
$ 156.69
-4.98 -3.08%
Volume: 1.18M
May 11, 2021 4:00p
P/E Ratio
14.15
Dividend Yield
2.25%
Market Cap
$40.66 billion
Rev. per Employee
$1.04M
loading...
/zigman2/quotes/209956077/composite
US : U.S.: NYSE
$ 77.46
-0.71 -0.91%
Volume: 11.58M
May 11, 2021 4:02p
P/E Ratio
28.00
Dividend Yield
3.36%
Market Cap
$197.93 billion
Rev. per Employee
$648,824
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/zigman2/quotes/203121064/composite
US : U.S.: NYSE
$ 68.57
-0.16 -0.23%
Volume: 5.69M
May 11, 2021 4:00p
P/E Ratio
26.11
Dividend Yield
4.08%
Market Cap
$51.34 billion
Rev. per Employee
$1.08M
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/zigman2/quotes/201724570/composite
US : U.S.: NYSE
$ 168.88
-1.39 -0.82%
Volume: 8.21M
May 11, 2021 4:00p
P/E Ratio
29.83
Dividend Yield
2.51%
Market Cap
$448.39 billion
Rev. per Employee
$613,918
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/zigman2/quotes/203856914/composite
US : U.S.: NYSE
$ 144.22
-1.95 -1.33%
Volume: 7.11M
May 11, 2021 4:00p
P/E Ratio
24.11
Dividend Yield
4.55%
Market Cap
$130.61 billion
Rev. per Employee
$196,163
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/zigman2/quotes/200515854/composite
US : U.S.: NYSE
$ 215.56
+1.67 +0.78%
Volume: 6.07M
May 11, 2021 4:00p
P/E Ratio
49.09
Dividend Yield
N/A
Market Cap
$197.26 billion
Rev. per Employee
$375,437
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/zigman2/quotes/209509471/composite
US : U.S.: Nasdaq
$ 52.83
-0.33 -0.62%
Volume: 20.25M
May 11, 2021 4:00p
P/E Ratio
22.12
Dividend Yield
2.80%
Market Cap
$224.43 billion
Rev. per Employee
$636,155
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/zigman2/quotes/202894679/composite
US : U.S.: NYSE
$ 136.99
-0.68 -0.49%
Volume: 10.97M
May 11, 2021 4:02p
P/E Ratio
25.20
Dividend Yield
2.54%
Market Cap
$337.05 billion
Rev. per Employee
$716,667
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/zigman2/quotes/203410047/composite
US : U.S.: NYSE
$ 181.67
-2.63 -1.43%
Volume: 10.84M
May 11, 2021 4:04p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$334.55 billion
Rev. per Employee
$320,813
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/zigman2/quotes/205583690/composite
US : U.S.: Nasdaq
$ 229.16
-1.78 -0.77%
Volume: 3.38M
May 11, 2021 4:00p
P/E Ratio
35.07
Dividend Yield
1.62%
Market Cap
$160.40 billion
Rev. per Employee
$366,763
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/zigman2/quotes/205971034/composite
US : U.S.: NYSE
$ 158.54
-2.68 -1.66%
Volume: 15.43M
May 11, 2021 4:00p
P/E Ratio
12.58
Dividend Yield
2.27%
Market Cap
$488.03 billion
Rev. per Employee
$498,110
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/zigman2/quotes/203660239/composite
US : U.S.: NYSE
$ 225.48
-0.49 -0.22%
Volume: 7.63M
May 11, 2021 4:00p
P/E Ratio
48.05
Dividend Yield
0.57%
Market Cap
$481.95 billion
Rev. per Employee
$1.07M
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/zigman2/quotes/209159848/composite
US : U.S.: NYSE
$ 54.32
-0.59 -1.07%
Volume: 12.84M
May 11, 2021 4:00p
P/E Ratio
32.55
Dividend Yield
3.09%
Market Cap
$236.75 billion
Rev. per Employee
$411,320
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/zigman2/quotes/204980236/composite
US : U.S.: NYSE
$ 58.54
-0.98 -1.65%
Volume: 17.94M
May 11, 2021 4:00p
P/E Ratio
12.84
Dividend Yield
4.29%
Market Cap
$246.42 billion
Rev. per Employee
$970,439
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/zigman2/quotes/203805826/composite
US : U.S.: NYSE
$ 154.43
-4.25 -2.68%
Volume: 3.90M
May 11, 2021 4:02p
P/E Ratio
25.34
Dividend Yield
1.11%
Market Cap
$127.47 billion
Rev. per Employee
$599,451
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/zigman2/quotes/205871374/composite
US : U.S.: NYSE
$ 106.70
-2.87 -2.62%
Volume: 12.63M
May 11, 2021 4:04p
P/E Ratio
N/A
Dividend Yield
5.02%
Market Cap
$211.26 billion
Rev. per Employee
$1.98M
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