Market Extra: Dow ends above 32,000 milestone for first time. Here’s how it got there

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The Dow Jones Industrial Average on Wednesday closed above the psychologically significant 32,000 level, registering a milestone during a turbulent period for the stock market as the economic recovery from the pandemic takes shape.

The 30-stock index closed at 32,297.02, as the Nasdaq Composite COMP, -0.04% finished in negative territory, still wallowing in correction from its Feb. 12 record. But the Dow traversed 42 trading days before clearing its latest 1,000-point milestone, marking the quickest such move since it climbed from 30,000 to 31,000 on Jan. 6.

The rally for the blue-chip index comes as economic data suggests that worries about out-of-control inflation perhaps have been overblow, at least in the short-term, helping to power a rally in those stocks that might perform best against the backdrop of an improved business environment.

On top of that, the House, in a 220-211 vote, passed a $1.9 trillion coronavirus-relief bill and sent it to President Biden for his signature, legislation that is intended to provide a round of new spending and antipoverty measures through Congress. It comes as vaccine rollouts from the likes of Johnson & Johnson JNJ, +0.92% are brightening the prospects for a strong rebound from the public health disaster.

Against that backdrop, the Dow DJIA, +1.46% has managed to climb despite a bout of turbulence over the past several weeks, and growing worries about stock-market valuations.

A rise in benchmark bond yields also has propelled a rotation out of highflying technology and growth-oriented stocks and into those considered more cyclical in nature like energy, industrials and financials, which should perform best as the economy improves.

Specifically, Goldman Sachs GS, +3.46% was the biggest contributor to the Dow’s 1,000-point climb, ringing up over 330 points, according to Dow Jones Market Data. The Boeing Co. BA, +6.39%, adding 214 points, was the second-best contributor for the price-oriented index.

Here’s a complete list of the leaders and the laggards:

AMGNTicker Point Contribution
Goldman Sachs 331.41
Boeing 214.69
Caterpillar CAT, +1.96% 176.53
American Express AXP, +1.14% 165.08
Chevron Corp. CVX, +1.71% 139.16
JPMorgan Chase & Co. JPM, +2.17% 126.72
Walt Disney Co. DIS, +0.28% 108.43
Travelers Cos. Inc. TRV, +1.01% 107.31
3M MMM, +1.84% 97.31
Microsoft MSFT, -0.58% 92.97
Intel Corp. INTC, -0.67% 66.19
Visa V, +1.28% 61.58
Dow Inc. DOW, +2.94% 36.71
Walgreens Boots Alliance Inc.  34.61
Cisco CSCO, +0.84% 21.91
Coca-Cola Co. KO, +1.14% 9.74
McDonald’s Corp. MCD, +2.28% 8.75
Honeywell HON, +2.55% 1.97
Home Depot HD, +1.11% -0.13
International Business Machines IBM, +2.97% -7.37
Johnson & Johnson JNJ, +0.92% -8.03
Verizon Communications VZ, +1.57% -9.54
Amgen AMGN, +0.42% -26.21
salesforce.com CRM, +0.20% -39.61
Nike NKE, +1.21% -48.43
Merck MRK, +0.84% -60.93
Apple AAPL, -0.91% -71.98
Procter & Gamble PG, +0.92% -75.73
Walmart WMT, +2.55% -95.21
UnitedHealth Group Inc. UNH, -0.68% -101.52
Source: Dow Jones Market Data

Also worth noting is that the higher the Dow rises, the smaller each 1,000-point move is in percentage terms, but individual investors have tended to pay close attention to the Dow when it carves out fresh milestones.

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