Dow hits 25,000 for first time

new york — The Dow shot above 25,000 points for the first time on Thursday as strong US private-sector hiring data extended a stocks rally in the wake of enactment of US tax reform.

About 25 minutes into trading, the Dow Jones Industrial Average stood at 25,051.47, up 0.5 per cent and adding to gains after hitting the landmark within minutes of the opening bell.

The broad-based S&P 500 rose 0.4 per cent to 2,724.19, while the tech-rich Nasdaq Composite Index advanced 0.4 per cent to 7,084.71. Both the S&P 500 and Nasdaq also added to Wednesday’s records.

US stocks have opened 2018 in full-throttle bull market mode, bidding stocks up to a succession of records following the December passage of a massive tax cut signed into law by President Donald Trump.

Adding to the optimism about tax reform has been better-than expected economic data. On Thursday, payroll firm ADP reported that private firms added 250,000 jobs, well above the 190,000 that had been expected by analysts. The data come ahead of the more closely scrutinised Department of Labor jobs report today.

Major gainers in the blue-chip index included banks JPMorgan Chase and Goldman Sachs and credit card company American Express. All rose almost two percent. They were offset somewhat by Intel, which slumped 4.5 per cent amid questions over a defect in computer chips. —