Grab your hats.
The Dow Jones Industrial Average just powered through the 20000 level for the first time ever, setting an all-time intraday high three trading days after the inauguration of Donald Trump. Moments after the open, the Dow shot up to 20033.77.
The new record comes as stocks have been on the rise for much of the past three months, finding fresh legs since Election Day to add to one of the longest bull-market runs in U.S. history. The Dow industrials closed under 18000 as recently as Nov. 4, but have risen 12% since then.
The rally has been dubbed the “Trump bump,” as most of the run higher has occurred since Mr. Trump was elected president on Nov. 8. Investors have been bidding up stocks on the belief that he’ll ramp up infrastructure spending, cut corporate taxes, deregulate industries and give the economy a boost.
The broader S&P 500 and Nasdaq Composite have also set several records since the election, and are both flirting with fresh highs again Friday.