/Market Is Full Steam Ahead

Market Is Full Steam Ahead

The market’s latest milestone came just after the opening bell Tuesday and easily set the record for the fastest rise between 1,000-point barriers. The Dow has been around for 121 years.

The trip above 26,000 was brief: The Dow lost altitude throughout the day and closed down, erasing a gain of nearly 300 points. There wasn’t an obvious catalyst for the pullback.

Still, the Dow has spiked more than 7,000 points, or about 40%, since President Trump’s election. The stock market boom reflects enormous excitement on Wall Street about record corporate profits and strong economic growth at home and abroad — all of which could be boosted by the GOP tax overhaul.

“The market has certainly come out of the gates fast in 2018 after a stellar 2017,” said Art Hogan, chief market strategist at B. Riley FBR.

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