The Dow Jones Industrial Average on Wednesday briefly surpassed a psychologically significant 31,000 milestone, which would mark the first such round-number level for the benchmark since November, if the blue-chip index can continue to push higher.
The 30-stock index carved out an intraday record peak atÂ 31,022,65 in afternoon trade, amid a broad-market rally that was propelled, perhaps, by the prospects of more robust relief plans under the administration of Democratic President-elect Joe Biden. This comes after Tuesdayâ€™s runoff races in Georgia looked poised to yield dual wins for Democrats, delivering a likely majority for the party in Washington.
If the Dow DJIA, +1.23% can manage to close at or above 31,000 it would mark the fastest surge to a milestone, 28 trading sessions, since 2018, when it took the benchmark 23 sessions to hit 25,000, according to Dow Jones Market Data (see attached table):
Also worth noting is that the higher the Dow rises, the smaller each 1,000-point move is in percentage terms, but individual investors have tended to pay close attention to the Dow when it carves out fresh milestones.
Markets broadly were trading in record territory, with the Russell 2000 index RUT, +4.12% also surging along with the S&P 500 index SPX, +0.62% after Democrat Raphael Warnock defeated incumbent Republican Kelly Loeffler for one U.S. Senate seat and Democrat Jon Ossoff held a narrow lead over Republican Sen. David Perdue in the other race, according to the Associated Press.
A Democratic sweep of both seats in Georgia would give the party control of the Senate as Vice President-elect Kamala Harris would cast tiebreaking votes as the chamberâ€™s president.