Jan. 5 (UPI) — The Dow Jones industrial Average closed at more than 25,000 for the first time Thursday.
The 30-stock index climbed 152.45 points to 25,075.13 35 days after it broke above 24,000 for the first time on Nov. 30, tying the fastest 1,000-point move in its history when it rose from 20,000 to 21,000 last year.
“The Dow hitting 25,000 was a pretty wild idea even a year ago. And while it’s symbolically important, the real story is never just a number. It’s the underlying strength that is pushing markets this high,” said Steve Claussen, vice president of trader strategy at E-Trade.
The S&P 500 index closed at 2,723.99 and the Nasdaq composite finished at 7,077.9, both all-time highs.
Strong job data is believed to have contributed to the historic rise as ADP and Moody’s Analytics reported the U.S. private sector added 250,000 jobsin December.
The United States is also experiencing its lowest unemployment rate in 17 years and best economic growth in three years, CNN Money reported.
Most major world economies are growing at the same time, driving economic gains and corporate profits higher, and allowing companies to retain money that is being returned to shareholders.
The Republican tax overhaul bill also reduced the corporate tax rate from 35 percent to 21 percent, providing companies with tax savings they’re likely to use to reward share holders with dividends and share buybacks.
