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Dow closes, hits 28K for the first time ever

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

Dow Jones Industrial Average