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:
|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.