Dow rallies more than 500 points to record, closes above 37,000 for the first time

On Wednesday, February 24, 2021, the Dow closed above 37,000 for the first time ever, rallying more than 500 points to close at 37,128.64. This milestone marks the continuation of a historic bull market that has lasted for more than a decade. The rally was driven by strong corporate earnings and hopes for an accelerated recovery from the 2020 economic downturn due to the coronavirus pandemic. The rally was also helped by the Biden Administration’s $1.9 trillion stimulus plan, which is expected to be approved soon by the Senate. Additionally, the Biden Administration’s announcement of plans to vaccinate 70% of American adults by the summer and further progress on the vaccine rollout have boosted investor sentiment.