Index Dow Jones for the first time in history it reached the level of 50,000 points.
The blue chip index, which includes 30 companies, increased by 1,097 points, or 2.24%, on Friday, exceeding the level of 50,000 points during the session. This is the first time the 129-year-old index has crossed the historic threshold.
A record on Wall Street
Wall Street is paring losses on Friday after a three-day stock market panic in the technology and software sectors. Wide index S&P 500 (comprising the 500 largest companies) increased by 1.7% on Friday. Index Nasdaq Compositedominated by the technology sector, grew by 1.9%.
The blue-chip index is outperforming the Nasdaq and S&P 500 this year as investors gravitate toward sectors such as industrials and financials.
The Dow Jones index focuses on these sectors and less on the technology sector, which accounts for most of the market value of the S&P 500 and Nasdaq Composite indexes.
Goldman Sachs and Caterpillar, the two most influential stocks on the Dow Jones index, rose 4.2%, respectively, on Friday. and 6.4 percent Caterpillar hit record highs.
Dow Jones Index. A long way to 50,000 points
The Dow Jones Index was founded in 1896 by journalists Charles Dow and Edward Jones. Initially, it included 12 industrial companies, incl General Electric, National Lead and Tennessee Coal, Iron and Railroad Company.
The Dow Jones is older than the S&P 500, created in 1957 (though its predecessors had been around since 1928), as well as the Nasdaq Composite, created in 1971.
In 1928, the Dow Jones Index grew from 12 to 30 stocks – and it stayed that way. Various companies moved in and out of the index over time, reflecting the changing and growing U.S. economy.
On November 14, 1972, the Dow Jones index officially closed above 1,000 points for the first time.
Stock exchange increases
The Dow Jones index's record high is a symbol of the stock market's continued growth despite recent turbulent geopolitical events, CNN notes.
Stocks in the United States — and around the world — have risen this year despite uncertainty over unrest in Iran, tensions between Washington and the EU over Greenland and the U.S. capture of Nicholas Maduro.
Source: CNN
