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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

Jan 19, 2021 - Economy & Business

Netflix tops 200 million global subscribers

Illustration: Rebecca Zisser/Axios

Netflix said that it added another 8.5 million global subscribers last quarter, bringing its total number of paid subscribers globally to more than 200 million.

The big picture: Positive fourth-quarter results show Netflix's resiliency, despite increased competition and pandemic-related production headwinds.

Dion Rabouin, author of Markets
9 mins ago - Economy & Business

First glimpse of the Biden market

Photo: Jonathan Ernst-Pool/Getty Images

Investors made clear what companies they think will be winners and which will be losers in President Joe Biden's economy on Wednesday, selling out of gun makers, pot purveyors, private prison operators and payday lenders, and buying up gambling, gaming, beer stocks and Big Tech.

What happened: Private prison operator CoreCivic and private prison REIT Geo fell by 7.8% and 4.1%, respectively, while marijuana ETF MJ dropped 2% and payday lenders World Acceptance and EZCorp each fell by more than 1%.

Mike Allen, author of AM
41 mins ago - Politics & Policy

Biden-Harris, Day 1: What mattered most

President Joe Biden and first lady Dr. Jill Biden arrive at the North Portico of the White House. Photo: Alex Brandon-Pool/Getty Images

The Axios experts help you sort significance from symbolism. Here are the six Day 1 actions by President Biden that matter most.

Driving the news: Today, on his first full day, Biden translates his promise of a stronger federal response to the pandemic into action — starting with 10 executive orders and other directives, Caitlin Owens writes.

You’ve caught up. Now what?

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