The Dow Jones Industrial Average (DJIA) skyrocketed as it hit—for the first time in its history—beyond the 19,000 mark. The said rise was attributed to the election of the current President-elect Donald Trump and the rally in oil that caused an uptick to most stocks and indices.
As of 4:42 GMT-5, DJIA is up 67.18 points or 0.35 percent to 19,023.87. Side by side with the Dow were indices like the Standard and Poor’s 500 Index (SPX) rising 16.3 points, or 0.8 percent; Nasdaq Composite (COMP) gaining 0.9 percent or 47.4 points. Intraday best for both indices were 2,198.70 and 5,369.83 respectively. The small-cap barometer Russell 2000 Index (RUT) extended daily gains with 12.11 points or 0.92 percent—it’s longest streak since June 2003. Since December 31, 1999, this is the only time again that the Dow, SPX, COMP, and RUT finished at all-time highs on the same day.
Meanwhile in the Asia-Pacific region, since Japanese markets are closed for a public holiday, the spotlight is on the land down under’s S&P/ASX 200 as it added 2.56 percent, reaching its highest close since October with a lift from swinging prices of iron ore.
Although the ugly start of the market makes a 19,700 on the Dow by the end of 2016 seemed somehow too good to be true, the current performance of the index might be proving otherwise. At the onset of 2016 only a few people were predicting a President Trump, but a whole slew of sectors have since benefited from a post-Trump rally. This includes stocks tied to financials and those that win with higher interest rates, industrials, infrastructure, defense, and more.
The CBOE Volatility Index (VIX) was down 0.4 point or 3.4 percent, settling at its lowest since September 28.
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