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| Dow Jones passes 20,000 for first time | Dow Jones passes 20,000 for first time |
| (35 minutes later) | |
| The Dow Jones Industrial Average traded above 20,000 for the first time at the start of trading on Wednesday. | The Dow Jones Industrial Average traded above 20,000 for the first time at the start of trading on Wednesday. |
| US share prices have been boosted by hopes that the economic policies of the new US President Donald Trump will boost his country's economy. | US share prices have been boosted by hopes that the economic policies of the new US President Donald Trump will boost his country's economy. |
| The index of leading US shares rallied after Mr Trump's election win and was close to breaking 20,000 on 6 January. | The index of leading US shares rallied after Mr Trump's election win and was close to breaking 20,000 on 6 January. |
| It fell back a bit but rose again after Mr Trump's signing of several executive orders since his inauguration. | It fell back a bit but rose again after Mr Trump's signing of several executive orders since his inauguration. |
| Shortly after opening, the Dow was up 93.38 points at 20,006.09. | Shortly after opening, the Dow was up 93.38 points at 20,006.09. |
| The other two main US share indexes also showed gains. The S&P 500 was 10.09 points higher at 2,290.16, while the tech-heavy Nasdaq was up 36.74 points at 5,637.70. | The other two main US share indexes also showed gains. The S&P 500 was 10.09 points higher at 2,290.16, while the tech-heavy Nasdaq was up 36.74 points at 5,637.70. |
| Mr Trump's senior adviser Kellyanne Conway was quick to comment on the news, tweeting that the landmark was down to "The Trump Effect". | |
| If the index stays above 20,000 by the time the day's trading ends, then it would mean the 42-session rise from the first close above the 19,000 mark would be the second quickest 1,000 point rise of all time. | |
| The index rose from 10,000 to 11,000 in only 24 trading days between 29 March and 3 May, 1999, while the rise from 18,000 to 19,000 took 483 trading days (nearly two years). | |
| Financial stocks have been a major factor in the gain - with Goldman Sachs and JPMorgan accounting for around 20% of it. | |
| This is because investors believe that some of Mr Trump's policies will trigger inflation and produce a rise in interest rates. | |
| What is the Dow Jones Industrial Average? | |
| Further gains? | |
| Tim Ghriskey, chief investment officer of financial management firm Solaris Group in New York, said: "There is a real belief that [Mr] Trump is real, he has been extremely active these first couple of days of the presidency and a change may happen faster than people had thought." | Tim Ghriskey, chief investment officer of financial management firm Solaris Group in New York, said: "There is a real belief that [Mr] Trump is real, he has been extremely active these first couple of days of the presidency and a change may happen faster than people had thought." |
| Neil Wilson, senior market analyst at London brokers Capital, said: "It's psychologically huge and, after a bit of pullback ahead of the inauguration, really confirms that the 'great rotation' from bonds to stocks is definitely upon us. | Neil Wilson, senior market analyst at London brokers Capital, said: "It's psychologically huge and, after a bit of pullback ahead of the inauguration, really confirms that the 'great rotation' from bonds to stocks is definitely upon us. |
| "Fears about protectionism are running second to optimism about inflation and growth - for now at least. | |
| "The question now is how long can this last? | |
| "Mr Trump's first steps as president have confirmed much of what investors had hoped for and that he's extremely pro-business and light on regulation for energy and financials. That's what's driving this renewed rally. | |
| "The other argument claims that this is a massive bubble and if this is a real rotation from bonds into stocks, ending a 30-year bond bull market, there is still a huge amount of cash piled up that could yet pour into equities and power further gains through 2017. | |
| "It might not be too long before 21,000 is in sight." |