The Dow Jones Industrial Average was on the brink of claiming a thousand-point milestone for the first time since January 2018, ending the longest period without crossing such a psychologically significant level since the blue-chip benchmark crossed the 19,000 threshold three weeks after Donald Trump was elected president in November 2016.
In early Thursday action, the Dow DJIA, +0.77% hit its intraday peak of 27,007.86.
If the Dow manages to close above 27,000, 372 trading sessions would have passed between its last initial finish at or above a round-number milestone at 26,000 back on Jan. 17. The Dow took 483 sessions to travel from 18,000 to 19,000 on Nov. 22, 2016.
The attempt at a history-making advance prompted a reaction from Trump on Thursday, who tweeted a simple call-out to the intraday record: “Dow just hit 27,000 for first time EVER!’”
Dow just hit 27,000 for first time EVER!
— Donald J. Trump (@realDonaldTrump) July 11, 2019
The climb also comes as markets have been buttressed by stock-supportive central-bank policy, with Federal Reserve Chairman Jerome Powell on Wednesday in congressional testimony resetting the stage for a rate cut at the end of the month.
On Wednesday, the S&P 500 stock index SPX, +0.27% staked a claim at a new thousand-point milestone of its own, temporarily taking up a position at the 3,000 plateau for the first time in its history. The Nasdaq Composite Index COMP, +0.23% closed the day at a record high, its sixth of 2019, according to Dow Jones Market Data.
All three benchmarks were extending their runs in early Thursday dealings.
Technical analysts point out signs of weakness in the market’s setup, including underperformance by the Dow Jones Transportation Average DJT, +1.02% which is trading