The Dow Jones Industrial Average clambered to a new high Tuesday, putting the blue-chip index within shouting distance of 37,000, a day after it booked its first record since November.
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To be sure, 1,000-point milestones for the Dow
on their own don’t carry much significance in terms of market fundamentals or even technicals, but some analysts contend they are at least symbolically important as the bull market in stocks appears to maintain its hold in 2022.
That said, the Nasdaq Composite
and the S&P 500
indexes were under pressure, down 1.6% and 0.1%, respectively, to underscore the divergence between the benchmark stock gauge and its peers which were driven lower due to losses in technology-related equities.
Read: The S&P 500 beat both Dow, and Nasdaq in 2021 by the widest margin in 24 years. Here’s what history says happens in 2022.
The Dow finished Tuesday up 214.59 points, or 0.6%, to close at an all-time high of 36,799.65, after it established an intraday record at 36,934.84.
That came after a Monday gain of 246.76 points, or 0.7%.
It has been about 40 trading days since the Dow last cleared a 1,000-point milestone on Nov. 2. A close above 37,000 would mark its fastest milestone run since it completed a move from 33,000 to 34,000 in mid-April of last year.
Any finish above 37,000 at any point is less impressive because the moves mathematically become less significant the higher the Dow industrials grow overall. For example, the climb from 36,000 represents a roughly 2.8% gain.
Among the Dow’s 30 components that have helped the price-weighted index climb during this most recent stretch are Goldman Sachs Group Inc.
and McDonald’s Corp.
while the biggest drags have been UnitedHealth Group
and Salesforce.com Inc.