Nov 15, 2019 - Economy

Dow closes, hits 28K for the first time ever

Courtenay Brown

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

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

Add Axios on Google

Dow closes, hits 28K for the first time ever

What to read next