Dow Jones Soars Again To Record Levels
SAN FRANCISCO (CBS SF) – Stocks soared again to historic levels Wednesday, closing above 21,000 points on the Dow Jones for the first time in exchange history.
The rally was being powered by President Donald Trump's speech Tuesday night that reaffirmed plans to cut taxes and push for other business-friendly policies.
At the closing bell, the Dow stood at 21,115.42 up 303.18 points for the day.
Traders were also preparing for one of the most anticipated IPOs in the last 14 months as shares of social media giant Snap Inc. are expected to hit the market on Thursday.
Snap was on track to price its initial public offering above its target of $14 to $16 a share. At $17 or $18 a share, the parent company of Snapchat would be valued at as much as $25 billion.
Bank stocks also rose Wednesday after San Francisco Fed chairman John Williams and New York Fed Chairman William C. Dudley both said that an interest rate increase could be coming soon.
Shares of Bank of America rose 3.8 percent and JPMorgan Chase rose 3.2 percent on the day.
The stock market surge over the 10 days has matched the fastest 1,000-point rise in value since 1999.