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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