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The Dow Jones Industrial Average hit and closed above 28,000 for the first time ever on Friday, while the S&P 500 and Nasdaq Composite also closed at new records.

Why it matters: The 28,000 level has no relevance in and of itself, but the markets' new highs in recent weeks is a sign of investors' renewed confidence in the state of the U.S. economy.

The S&P 500 is on a six-week winning streak — the longest stretch of gains in two years, per CNBC — though the index's daily gains have been tepid.

Go deeper: The current bull market is actually below average

Dow closes, hits 28K for the first time ever

The record-breaking moment reflects Wall Street's renewed confidence in the U.S. economy.

Traders work on the floor of the New York Stock Exchange (NYSE) on Nov. 15. 

Traders on the floor of the New York Stock Exchange (NYSE) on Nov. 15. Photo: Spencer Platt / Staff 

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Dow Jones Industrial Average

Stock market

The Dow Jones Industrial Average hit and closed above 28,000 for the first time ever on Friday, while the S&amp;P 500 and Nasdaq Composite also closed at new records.Why it matters: The 28,000 level has no relevance in and of itself, but the markets&#x27; new highs in recent weeks is a sign of investors&#x27; renewed confidence in the state of the U.S. economy.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.