Dow crosses 28,000 with big boost from one company

Jonathan Garber

The Dow Jones Industrial Average crossed another big milestone: 28,000.

The Dow first closed above 27,000 on July 11 – 90 trading days ago, according to Dow Jones Market Data, and its march higher has been powered by a handful of heavyweights.

“Another Record Stock Market, 21 times this year, despite an ongoing, & totally unfounded, Witch Hunt, & a Democrat Party that would love to see a nice, big, juicy recession,” President Trump tweeted Friday morning. Trump has complained repeatedly that an impeachment inquiry in the Democratically-controlled House of Representatives is unwarranted and argued that his removal would hurt the economy.

Apple has rallied nearly 31 percent over the past 90 trading sessions, adding more than 421 points to the blue-chip index. The tech giant’s gains have been fueled by two quarters of strong quarterly earnings and robust demand for the new iPhone 11.

JPMorgan Chase and United Technologies have both rallied more than 13 percent over that time, and are responsible for a combined 220 points of the advance.

Even Boeing, which has been grappling with the fallout from two fatal crashes involving its 737 Max aircraft, has provided a boost to the Dow. The planemaker's shares have climbed 3.6 percent since the Dow crossed the 27,000 plateau, with all the gains coming after the company's Monday prediction that the best-selling jetliner would return to service in January.

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As quickly as the Dow has marched from 27,000 toward 28,000, though, the pace is nowhere near the index’s fastest 1,000-point gain. That honor goes to the advance from 25,000 to 26,000, which tacked on 4.15 percent and occurred over an eight-day span in early 2018, according to Dow Jones Market Data.

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In comparison, the slowest climb was the advance from 1,000 to 2,000, which the Dow reached in January 1987 after 21,652 days. Of course, the index needed to gain 99.59 percent in that case.

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