Stock market record

Eight-year rally since the recession goes on

Dow Jones closes above 25,000 for the first time,

NEW YORK — The Dow Jones industrial average burst through the 25,000 point mark Thursday, just five weeks after its first close above 24,000.

The Dow passed five 1,000-point barriers in 2017 on its way to a 25 percent gain for the year, as an eight-year rally since the Great Recession continued to confound skeptics.

Strong global economic growth and good prospects for higher company earnings have analysts predicting more gains, although the market may not stay as calm as it has been recently.

The Dow has made a rapid trip from 24,000 points on Nov. 30, partly on enthusiasm over passage of the Republican-backed tax package, which could boost company profits this year with acrossthe-board cuts to corporate taxes.

“For a long while in 2017, I would say the biggest driver was excitement and anticipation over tax reform, but at a certain point I think there was a handover to global economic growth really helping to carry the stock market,” said Invesco chief global markets strategist Kristina Hooper.

Big gains in U.S. blue chip companies have powered the Dow’s relentless rise to new heights over the past year, including an 87 percent gain in aerospace giant Boeing, a 70 percent rise in construction equipment maker Caterpillar, and a 49 percent increase in Apple.

The Dow, which was founded in