The Dow Jones Industrial Average opened above 20,000 points Wednesday, passing the milestone number for the first time in its 120-year history.
U.S. stocks consistently rallied after Nov. 9, the day after the election, with traders anticipating massive deregulation under Donald Trump‘s presidency. But the Dow stalled out just below 20,000 for for more than a month before finally breaking through.
Stocks in financial services and energy companies have boasted the biggest gains, reflecting likely rollbacks of Obama administration banking and environmental protection laws.
The Dow, an index that measures American corporate stock performance, strung together a series of record highs in the five weeks after Trump’s shocking election.
Stocks initially plummeted the night of the election as Trump’s win became evident. Overnight trading was halted on several exchanges as the Dow sank more than 800 points.
Traders had long expected Hillary Clinton to win the presidential election, and Trump’s unpredictability and lack of concrete policy proposals created market uncertainty, which depresses stock performance.
But that turned around on the day after the election, and the market has now hit a high under Trump.
Source: The Hill