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The Dow Jones Industrial Average on Wednesday closed above the psychologically significant 32,000 level, registering a milestone during a turbulent period for the stock market as the economic recovery from the pandemic takes shape.
The 30-stock index closed at 32,297.02, as the Nasdaq Composite COMP, -0.04% finished in negative territory, still wallowing in correction from its Feb. 12 record. But the Dow traversed 42 trading days before clearing its latest 1,000-point milestone, marking the quickest such move since it climbed from 30,000 to 31,000 on Jan. 6.
The rally for the blue-chip index comes as economic data suggests that worries about out-of-control inflation perhaps have been overblow, at least in the short-term, helping to power a rally in those stocks that might perform best against the backdrop of an improved business environment.
On top of that, the House, in a 220-211 vote, passed a $1.9 trillion coronavirus-relief bill and sent it to President Biden for his signature, legislation that is intended to provide a round of new spending and antipoverty measures through Congress. It comes as vaccine rollouts from the likes of Johnson & Johnson JNJ, +0.92% are brightening the prospects for a strong rebound from the public health disaster.
Against that backdrop, the Dow DJIA, +1.46% has managed to climb despite a bout of turbulence over the past several weeks, and growing worries about stock-market valuations.
A rise in benchmark bond yields also has propelled a rotation out of highflying technology and growth-oriented stocks and into those considered more cyclical in nature like energy, industrials and financials, which should perform best as the economy improves.
Specifically, Goldman Sachs GS, +3.46% was the biggest contributor to the Dow’s 1,000-point climb, ringing up over 330 points, according to Dow Jones Market Data. The Boeing Co. BA, +6.39%, adding 214 points, was the second-best contributor for the price-oriented index.
Here’s a complete list of the leaders and the laggards:
| AMGNTicker | Point Contribution |
| Goldman Sachs | 331.41 |
| Boeing | 214.69 |
| Caterpillar CAT, +1.96% | 176.53 |
| American Express AXP, +1.14% | 165.08 |
| Chevron Corp. CVX, +1.71% | 139.16 |
| JPMorgan Chase & Co. JPM, +2.17% | 126.72 |
| Walt Disney Co. DIS, +0.28% | 108.43 |
| Travelers Cos. Inc. TRV, +1.01% | 107.31 |
| 3M MMM, +1.84% | 97.31 |
| Microsoft MSFT, -0.58% | 92.97 |
| Intel Corp. INTC, -0.67% | 66.19 |
| Visa V, +1.28% | 61.58 |
| Dow Inc. DOW, +2.94% | 36.71 |
| Walgreens Boots Alliance Inc. | 34.61 |
| Cisco CSCO, +0.84% | 21.91 |
| Coca-Cola Co. KO, +1.14% | 9.74 |
| McDonald’s Corp. MCD, +2.28% | 8.75 |
| Honeywell HON, +2.55% | 1.97 |
| Home Depot HD, +1.11% | -0.13 |
| International Business Machines IBM, +2.97% | -7.37 |
| Johnson & Johnson JNJ, +0.92% | -8.03 |
| Verizon Communications VZ, +1.57% | -9.54 |
| Amgen AMGN, +0.42% | -26.21 |
| salesforce.com CRM, +0.20% | -39.61 |
| Nike NKE, +1.21% | -48.43 |
| Merck MRK, +0.84% | -60.93 |
| Apple AAPL, -0.91% | -71.98 |
| Procter & Gamble PG, +0.92% | -75.73 |
| Walmart WMT, +2.55% | -95.21 |
| UnitedHealth Group Inc. UNH, -0.68% | -101.52 |
| Source: Dow Jones Market Data |
Also worth noting is that the higher the Dow rises, the smaller each 1,000-point move is in percentage terms, but individual investors have tended to pay close attention to the Dow when it carves out fresh milestones.
