Market Insider

Dow's charge to 21,000 is on track to tie as the shortest 1,000-point jump ever

Pedestrians exit the Wall Street subway station near the New York Stock Exchange.
Michael Nagle | Bloomberg | Getty Images

The Dow Jones industrial average just jumped 1,000 points in 24 trading days, vying for one of the fastest jumps on record.

If the Dow closes above 21,000 on Wednesday, that ties it with the index's run in 1999, when the Dow climbed from 10,000 to 11,000 in 24 trading days, according to Ryan Detrick, senior market strategist at LPL Financial.

The 1,000-point moves become less impressive on a percentage basis, however.

The Dow climbed 10 percent in 1999, while it's risen only 5 percent in the move from 20,000 to 21,000.

The "biggest takeaway may be psychological — round numbers make for good headlines/celebrations, and this could prompt the sort of blow-off that leaves stocks (at least in the near-term) over-extended and facing headwinds from excessive optimism," William Delwiche, investment strategist at Baird, said in an email.

U.S. stocks rallied to fresh records Wednesday after a speech from Donald Trump took a less confrontational tone, although the president gave few details on highly anticipated policies such as tax reform.

Goldman Sachs contributed the most to gains in the Dow on Wednesday and has had the biggest positive effect on the index's gains since it crossed 19,000 two weeks after the election, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.

However, since the Dow topped 20,000 in late January, Apple has had the greatest positive impact, he said.

Dow hits 21,000 for the first time
Dow hits 21,000 for the first time