Thursday, February 23, 2017
Stocks just did something they haven't done since 1987
The Dow just did something it hasn't done since 1987.
On Wednesday, the Dow closed up by 0.2% at 20,775.60 — marking the ninth consecutive all-time high.
This is the first time the index has done that since January 1987, according to Ryan Detrick, senior market strategist at LPL Financial.
Stocks have rallied following the November election of President Donald Trump as investors considered the possibility of deregulation, fiscal stimulus, and tax cuts.
Then, at the beginning of 2017, several market strategists, including Raymond James' Jeff Saut, argued that the bull market had transitioned from being interest rate-driven to being earnings driven.
The index then pushed through 20,000 on January 25, 2017, during a busy week for earnings, and has continued climbing.
For what it's worth, back on January 8, 1987, the Dow crossed 2,000 for the first time ever.