Dow Breaks 21,000 for 1st Time Ever

Banks and financial companies lead US stocks Wednesday
By Newser Editors and Wire Services
Posted Mar 1, 2017 3:34 PM CST
Stocks Rise Sharply, Dow Over 21,000
Specialist Philip Finale, right, directs trading in McDonald's shares on the floor of the New York Stock Exchange, Wednesday, March 1, 2017.   (AP Photo/Richard Drew)

Banks and other financial companies led US stocks sharply higher, pushing the Dow Jones industrial average above 21,000 points for the first time, the AP reports. Wednesday's gain was the biggest for the blue-chip index so far this year. Energy companies also rose. Bank of America rose 3.8% and ConocoPhillips rose 3.1%. The rally came a day after President Trump reaffirmed plans to cut taxes and push for other business-friendly policies. Bond prices fell and yields rose after New York Federal Reserve President William Dudley said the case for raising interest rates had gotten stronger.

The Dow jumped 303 points, or 1.5%, to 21,115. The Standard & Poor's 500 index gained 32 points, or 1.4%, to 2,395. The Nasdaq composite increased 78 points, or 1.4%, to 5,904. (Read more stock market stories.)

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