Dow Jones Tops 20,000 for the First Time

(CN) РThe Dow Jones industrial average topped 20,000 for the first time on Wednesday morning, eliciting cheers from traders on the floor of the New York Stock Exchange.

The other major U.S. stock indexes were also moving higher in early trading, led by banks and other financial companies.

Strong earnings from Boeing and other big companies drove the rally, analysts said, building on gains from the day before.

The record was reached at 11:04 a.m. eastern time, when the Dow reached 20,075.

Them milestone comes nearly eight years after the market bottomed out in March 2009 in the aftermath of the financial crisis.

For perspective on the day, the Dow first closed about 10,000 on March 29, 1999.

Speaking with the Associated Press,¬†Quincy Krosby, market strategist at Prudential Financial, said 20,000, “in and of itself, is just a number.”

“But what it does is it lifts market expectations, in essence, to continue moving higher,” Krosby said.





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