The Dow Jones Industrial Average achieved yet another milestone Wednesday, hitting 22,000 for the first time in history.
Despite falling back a bit from that high, the Dow is up 20 percent since President Donald Trump’s election.
The rally will likely continue, too. Drexel Hamilton analyst Brian White said he expects more to come.
“[W]e believe investors will now feel more confident in owning the stock for the upcoming iPhone 8 cycle that is expected to begin this fall, while also benefitting from the company’s capital distribution initiative, attractive valuation and potential new innovations,” White told CNBC.
The cable financial outlet also noted that it took just 107 days for the Dow to go from 21,000 to 22,000. The Nasdaq composite and the S&P 500 also traded higher after Wednesday’s opening bell.
“We’ve come a long way in a very short period of time,” Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management, told CNBC. “I think people are now focusing on the macro news, especially on the jobs report.”
The strong economic reports come on the heels of some of the lowest unemployment figures in decades.
In July, federal officials reported that the number of Americans filing for unemployment benefits was on the decline.
At the time, officials noted that claims for state unemployment benefits dropped by 3,000 for the week that ended July 8.
Black unemployment is also at its lowest level in 17 years, according to reports.
In June, a government report found that unemployment among black Americans aged 16 and older fell to 7.5 percent in May, its lowest level since December 2000.
Follow Warner Todd Huston on Twitter @warnerthuston or email the author at igcolonel@hotmail.com.
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