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

Go deeper

Updated 8 mins ago - World

At least 50 killed, 3,000 injured after massive explosion rocks Beirut

Photo: Anwar Amro/AFP via Getty Images

A major explosion has slammed central Beirut, Lebanon, damaging buildings as far as several miles away and injuring scores of people.

Driving the news: The cause of the explosion is unknown. Lebanon's health minister said in televised remarks that more than 50 people have been killed and over 3,000 injured.

44 mins ago - Podcasts

The debate over COVID-19 liability protections

Stimulus talks continue to move slowly, with Democrats and Republicans unable to agree on whether or not to include coronavirus-related liability protections for businesses, health facilities and schools.

Axios Re:Cap digs into the debate, which could reset the cost-benefit analysis for businesses thinking about reopening and employees thinking about returning.

Updated 56 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 18,364,694 — Total deaths: 695,848 — Total recoveries — 10,965,634Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 4,742,277 — Total deaths: 156,133 — Total recoveries: 1,513,446 — Total tests: 57,543,852Map.
  3. States: New York City health commissioner resigns in protest of De Blasio's coronavirus response — New York ER doctor on pandemic advice: "We know what works"
  4. Public health: 59% of Americans support nationwide 2-week stay-at-home order in NPR poll Atrium Health CEO says "virtual hospital" has treated 13,000 COVID patients.
  5. Politics: Republicans push to expand small business loan program Trump tells "Axios on HBO" that pandemic is "under control," despite surges in infections.
  6. Sports: Indy 500 to be held without fansRafael Nadal opts out of U.S. Open.