For the 1st time, the Dow Jones industrial average closed above 23,000

October 18th, 2017  |  Canadian Business

On Wednesday, the Dow Jones broke through its plateau and closed above 23,000 for the first time ever. Just 54 trading days ago, the Dow Jones hit the 22,000 mark, showing just how quickly it grew, as it took almost double the time for the Dow Jones to reach 22,000 from 22,000.

"Retail investors continue to pour into the marketplace, and with each headline about a new record, and especially round numbers like that, people tend to feel like they're missing out and you kind of suck more people into the market," said Ian Winer, head of equities at Wedbush Securities in Los Angeles. "Ultimately, the only way you're going to top is by getting everybody all in. And we're getting close.

The rise in numbers was largely thanks to IBM, who experienced a jump as they have been suggesting that a return to revenue growth is on the imminent horizon. IBM shares, which have been exceeding revenue expectations, rose 8.9 per cent and attributed 90 points of the day's 160 point-gain in the blue-chip index.

Both the S&P 500, and the Nasdaq played a part in the Dow Jones reaching the 23,000-bench mark, as they both closed with record highs. The S&P 500 gained 1.9 points, or 0.07% to 2,561.26 and the Nasdaq Composite added 0.56 points, or 0.01% to 6,624.22.