Dow Breaks 20,000, Sets New Record After Gaining 1,000 Points Since Nov. 22


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Robert Donachie Capitol Hill and Health Care Reporter
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The Dow Jones just set a record as it ticked above 20,000 Wednesday morning, breaching the 20,000 mark for the first time in its history.

The benchmark index sits over 20,000 as of Wednesday.

The Dow broke 19,000 for the first time Nov. 22, stemming from a market rally after President Donald Trump won the White House. It took just 13 trading days for the benchmark index to make those gains. (US Stock Markets Hit All-Time High Tuesday Morning)

Prior to the November jump, the Dow hadn’t experienced a thousand-point rally since 1999, when it went from 10,000 to 11,000 in just over 24 trading sessions. The Dow crossed the 10,000 mark for its first time in 1999.

The market hasn’t always been so quick to expand. It took the Dow nearly 5,200 days to go from 1,000 to 2,000 between 1972 and 1987.

Some experts point to the president-elect’s economic and tax plans as the reason the markets have been so bullish.

Commonwealth Financial Network’s CFO, Brad McMillan, wrote that “corporate earnings are starting to grow again, and may very well accelerate.” With Trump and the Republican-held Congress’s plan to reform the corporate tax rate, “it’s possible that earnings might come in even better than the current economic fundamentals would suggest, due to lower tax rates. Valuations might end up looking lower than they now seem, leaving more room for market gains.”

Trump promises to end “all unnecessary regulations” imposed on the energy industry, to “dismantle” the 2,300-page Dodd-Frank Wall Street Reform And Consumer Protection Act, and to put a moratorium on any new regulations when he takes office. The president-elect also promises the most business-friendly tax plan since the 1980s.

His tax plan is likely to be very pro-business. He plans to lower the corporate income tax rate from 35 to 15 percent, and promises the lowest income tax rates since before World War II, shrinking the tax brackets from seven down to three.

Following Election Day, the S&P 500 had the biggest one-month rally in the its 93 years of existence. The index rose nearly 5 percent from Nov. 9 to Friday, Dec. 9. It broke the previous 30-day record set after former President Richard Nixon’s election. The S&P closed at 2,246.19 Friday afternoon.

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