Dow reaches record 29,000 mark as utilities power rally
The Dow traded significantly higher on Wednesday, closing above a record 29,000 points investors as signs of an easing labor market.
The Dow Jones Industrial Average gained 1.59% (453 points) to 29,099 points for the first time since February 20 as utilities led the rally. Meanwhile, the S&P500 and the Nasdaq Composite gained 1.56% and 0.98% respectively, closing near record highs.
Utilities firms Exelon and PPL mostly led the rally, though consumer staples also helped, with Coca-Cola seeing a rise of more than 4% and Brown Forman gaining near 10%.
While these stand, gains were capped by technology, with Apple Inc’s shares losing around 2%. However, it still held itself 80% above ground for 2020 as news of the upcoming iPhone 12 sparked investor optimism.