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Data: Yahoo Finance; Chart: Andrew Witherspoon/Axios

It took 218 trading days for the Dow to hit the latest 1,000-point milestone.

Why it matters: Dow 30K is a purely symbolic milestone. The Dow hitting 30,001, for instance, is no less significant.

  • It does underscore the stock market's meteoric rise since hitting its pandemic-low almost exactly 8 months ago, when it closed at 18,321. It's up 62% since then.

How we got here: The stock market defied a never-before-seen pandemic that's infected millions around the globe, killed hundreds of thousands of people in the U.S., and left the economy in shambles.

  • Fed & fiscal: Stocks have been turbocharged by central bank support and a massive stimulus package that’s since dried up.
  • Big Tech: A handful of tech companies — including Amazon and Apple — lead the bulk of the market rebound.
  • Earnings: Corporate earnings in some cases are better than before the pandemic — though Q3 profits are still on pace for a year-over-year plunge.
  • Gridlock: Wall Street cheered the prospect of a divided Congress.
  • Vaccine: Interim trial results from a number of vaccines show a high rate of efficacy — and presented the prospect of a quicker return to normalcy.

The result has been near-total risk-on mode, making other assets like bonds less attractive in the eyes of some than stocks.

The bottom line: "More significantly for investors, the broader market as measured by the S&P 500 also hit a record high," Bankrate chief financial analyst Greg McBride said in a note. "But ‘3635’ just doesn’t have the same ring to it."

Go deeper

Updated Jan 28, 2021 - Economy & Business

Senate panel to hold hearing after high-flying Reddit stocks cause Wall Street chaos

Major trading platforms including Robinhood, TD Ameritrade and Interactive Brokers are restricting — or cutting off entirely — trading on high-flying stocks like GameStop and AMC Entertainment.

The latest: Senate Banking Committee Chair Sherrod Brown (D-Ohio) announced Thursday that he plans to hold a hearing on "the current state of the stock market" in response to this week's volatility.

Stock market has worst week since October amid Reddit frenzy

Photo: Tiffany Hagler-Geard/Bloomberg via Getty Images

Wall Street had its worst week since October as day traders bid up stocks for GameStop, AMC and others that gained popularity on Reddit.

Details: The S&P 500 fell more than 1.9% on Friday. All of the major averages fell more than 3% this week.

Dion Rabouin, author of Markets
Jan 29, 2021 - Economy & Business

Making sense of the GameStop circus

Illustration: Aïda Amer/Axios

It's probably fair to say that Thursday was one of the crazier days in the history of financial news.

What happened: Robinhood, which has become synonymous with retail trading and the parabolic rise of stocks like GameStop and Tesla, shut down the ability of its users to buy (but not to sell) some of the platform's most popular names.

You’ve caught up. Now what?

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