The Dow Jones Industrial Average was on the brink of traversing a thousand-point milestone for the first time since January of 2018, ending the longest period without crossing a psychologically significant level since the blue-chip benchmark crossed the 19,000 threshold three weeks after President Donald Trump was elected to the Oval Office.
In early Thursday action, the Dow DJIA, +0.54% hit an intraday peak at 27,007.86, up 210 points, or 0.8%.
If the Dow manages to close above 27,000, 372 trading sessions would have passed between its last finish at a round-number milestone at 26,000 back on Jan. 17. The Dow took 483 sessions to travel from 18,000 to 19,000 on Nov. 22, 2016.
The attempt at a history-setting advance comes as markets have been buttressed by stock-supportive central bank policy, with Federal Reserve Chairman on Wednesday in congressional testimony set the stage for a rate cut at the end of the month.
Check out: All the important Dow milestones in one chart
On Wednesday, the S&P 500 stock index SPX, +0.24% to travel from its previous thousand-point plateau to an intraday milestone of 3,000 for the first time in its history and the Nasdaq Composite Index COMP, +0.20% closed at a record, its sixth of 2019, according to Dow Jones Market Data.
All three benchmarks in Thursday dealings were extending gains.
All that said, technical analysts point out signs of weakness in the market’s setup, including underperformance by the DJT, +0.11% Dow Jones Transportation Average, which is trading in correction, defined as a decline of at least 10% from its Sept. 4 peak. Other measures of market breadth, the Value Line Geometric Index VALUG, +0.12% an equal-weighted gauge of the broader market, is well off its Aug. 29 all-time high.
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