Dow Makes History Again, Closes Above 21,000 For First Time Ever
NEW YORK (CBSNewYork) -- Wall Street hit another record Wednesday.
The Dow topped 21,000 for the first time ever, just minutes into the trading day and closed at 21,115 points.
This was the Dow's 13th record-high in the last 14 sessions, and its fastest climb ever between 1,000 point milestones.
The S&P and Nasdaq also set records again Wednesday.
To mark the occasion, traders drew the number one on their old hats celebrating the 20,000 mark, which was achieved at the end of January.
There are a few factors behind the rally.
Since President Donald Trump's election, the market has been on fire, CBS2's Dick Brennan reported. The Dow is up more than 14 percent and the S&P is up 11 percent.
"It's been 96 trading days since the S&P or the Dow has had a one percent decline," Editor of MarketWatch Mark Decambre said. "That's unheard of, and that's the longest streak in more than 20 years."
Investors have always liked Trump's message about tax cuts and less regulation, but they're even more optimistic following his speech to Congress Tuesday night, CBS2's Jill Wagner reported.
"Trump is offering a trifecta: an increase in fiscal spending, tax cuts and deregulation," Decambre said.
"The biggest thing out of the speech last night for investors and probably everybody around the globe is he actually sounded a little normal and a little sane," Keith Bliss, of Cuttone Capital Advisors, said. "People were expecting this kind of rancorous speech last night still picking on the press, picking on the Democrats, picking on everybody who disagrees with him and he just didn't show that."
And there are other factors as well -- we're coming out of an earnings season that saw pretty good results for many companies, and it's looking like the fed may be gearing up for another interest rate hike in March, which means the fed thinks the economy is strong, Wagner reported.
Meanwhile Wednesday, the president hosted Republican Congressional leaders for lunch at the White House. Now it's time for Trump the salesman to shine, since he has to have Congressional help to make his plans a reality, Brennan reported.
"Whether it be with repealing, replacing Obamacare, whether it be with tax relief and the economy, or whether it be with immigration -- I think the American people, they really heard the president in full," Vice President Mike Pence said.
The most emotional moment of the president's speech came when he thanked Carrin Owens, widow of William Ryan Owens, the Navy Seal killed in Yemen.
"Ryan died as he lived -- a warrior and a hero, battling against terrorism and securing our nation," Trump said.
The standing ovation that followed lasted nearly 90 seconds, as Owens' widow looked to the sky, seemingly overwhelmed.
As Brennan reported, Trump's speech was well-received around the country. A CBS News poll shows 82 percent of the people who saw it called Trump "presidential," including a majority of Democrats, and 61 percent said the president's tone was "very positive."
But some leading Democrats still have doubts.
"You know, speeches have a shelf life. Just as like his inaugural speech, people forgot it a day or two later, and he started getting into mess after mess. Same thing is going to happen here," Senate Minority Leader Chuck Schumer, D-New York, said.
The White House had been planning to release a revised executive order Wednesday banning travel to the United States for citizens from seven predominantly Muslim countries, but administration officials now say that won't happen until perhaps a few more days.
