For the most of 2016 and early 2017 the media was hyper focused on the Dow Jones Industrial Average crossing over the 20,000 mark.
Today the Dow Jones crossed over the 21,000 mark with significantly less fanfare. When I started in the business in the late 90's I remember mutual fund salesmen coming by the offices with hats that said Dow 10k. Seemed high back then, not so much now.
The move from Dow 20,000 to 21,000 since January 25th, is a 1000 point move, equivalent to 5%. No small feat especially in just a few short weeks. with seemingly strong or perceived political uncertainty.
Why were people so focused on the 20,000 mark in the past, and barely mention the 5% move in a month? The velocity of the move seems to be much bigger news to me.
The fact is that the market has tremendous tailwinds and accommodations from the current administration. Massive legislative changes, most of which are pro business are being drafted into law now. Investors and institutions who have had billions in cash on the sidelines are now putting that money to work out of "fear of missing out."
The one thing I have learned in the two decades in this business is that markets can continue much higher much faster then what academia or media pundits can ever image.
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