U.S. stocks climbed on Wednesday and the Dow Jones Industrial Average closed atop the 20,000 mark for the first time as solid earnings and optimism over President Donald Trump's pro-growth initiatives revitalized a post-election rally. Bobbi Rebell reports.
Dow 20k with room to spare. The 30-stock index cleared the much watched level on Wednesday as strong earnings and President Donald Trump's pro-growth initiatives reignited a post-election rally. The S&P 500 and Nasdaq also hitting highs. The Dow took just 42 sessions to climb 1,000 points, the second fastest time ever. Among the big drivers: Boeing which hit a record high on strong earnings, giving the Dow its biggest boost. Goldman Sachs was the second biggest influence on the index. Eric Weigand of U.S. Bank: SOUNDBITE: ERIC WIEGAND, SENIOR PORTFOLIO MANAGER, U.S. BANK, (ENGLISH) SAYING: "There is no doubt about it. There has been a positive response to some of the presidential initiatives that have been put into place already, bringing back XL pipeline, and other things like that. That certainly led to a lot of the materials makers advancing, energy, the expectation of reflationary policies has certainly helped the financials particularly." Shares of all-terrian vehicle maker Arctic Cat gaining traction on news it is being bought by business jet maker Textron. Stocks in Europe posting gains as well boosted by strong earnings and outlook.