You are using an older browser version. Please use a supported version for the best MSN experience.

Dow closes above 25,000 for the first time

CNBC logo CNBC 1/4/2018 Fred Imbert


The Dow ended above 25,000 for the first time Thursday, marking the fastest 1,000-point move in its history, after the release of stronger-than-expected jobs data.

The 30-stock index rose 152 points, with General Electric, DowDuPont and IBM rising about 2 percent.

"The Dow hitting 25,000 was a pretty wild idea even a year ago. And while its symbolically important, the real story is never just a number. It's the underlying strength that is pushing markets this high," said Steve Claussen, vice president of trader strategy at E-Trade.

The S&P 500 gained 0.4 percent, with financials leading. The Nasdaq advanced 0.18 percent. Both indexes also hit all-time highs.

The U.S. private sector added 250,000 jobs in December, ADP and Moody's Analytics reported before the opening bell. Economists polled by Reuters expected a gain of 190,000.

U.S. Treasury yields moved higher after the report was released. The 10-year yield traded at 2.48 percent, while the two-year yield rose to 1.96 percent.

"This was a solid number and with a near record amount of job openings, maybe more people are coming off the sidelines, enticed by higher wages which are coming," said Peter Boockvar, chief investment officer at Bleakley Financial Group.

Other economic data released Thursday include the IHS Markik services PMI, which hit a seven-month low. These reports will be followed by the Labor Department's monthly jobs report, which is set for release on Friday.

Equities are off to a strong start in 2018. On Wednesday, the Nasdaq completed its best two-day start to a year since 2006.

The major indexes have also notched record highs to kick off 2018. Stocks also had a strong year in 2017, with the Dow, S&P 500 and Nasdaq rising at least 19.4 percent.

"The naysayers missed out on a lot last year," said Marc Chaikin, CEO of Chaikin Analytics. "I think this is going to be another good year for stocks."

In corporate news, Walgreens Boots Alliance reported quarterly earnings and revenue that beat analyst expectations. The company also raised the lower end of its bottom line guidance for fiscal 2018.

Tesla, meanwhile, released fourth-quarter auto delivery numbers that fell short of many Wall Street estimates.


More from CNBC

image beaconimage beaconimage beacon