Dow crosses 20,000 on reinvigorated Trump rally, but dollar hits seven-week low
Lingering concerns about protectionism and its potential negative effects on global trade and growth remain close to the surface
London/New York — The Dow Jones Industrial Average traded above 20,000 for the first time on Wednesday and world stocks hit 19-month highs on strong Japanese trade data, stellar European corporate results and investor enthusiasm over U.S. President Donald Trump. The president’s signing of numerous executive orders since his inauguration on Friday reignited a rally that began after his election victory in November. Trump marked the milestone with a tweet: Investors said crossing the 20,000 mark was just a number, but still nice to have. "While the Dow hitting 20,000 is one of the least meaningful data points on my screen, it does suggest that the equity rally is pretty broad-based," said Michael Purves, chief global strategist at Weeden in New York. Brian Jacobsen, chief portfolio strategist at Wells Fargo Asset Management in Menomonee Falls, Wisconsin said the moment was "like watching your odometer cross over 100,000 or peeking up at the clock and noticing that it’s exactly noon. "...
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