America's wealth effect is alive and well this weekend after all three major stock indexes ended the trading day with record new highs.
That includes the mainstream and high-profile Dow Jones Industrial Average, which broke through the 28,000-point barrier for the first time in history. That's a 15.4 percent jump from nearly two years ago when the DJIA shot through 24,000 for the first time on Nov. 30, 2017.
In terms of today's record closes, here's why the longest-ever Bull Market continues to surge across all major indexes: continued positive China trade negotiations; accommodating Federal Reserve speak at this week's Congressional hearings and a U.S. economy and U.S. labor force that continues to perform at 50-year highs.
Here's the week-ending stock numbers for those who missed it:
* The DJIA increased 223 points or +0.80 percent and closed at 28,004.89, representing the blue-chip index’s 11th record close of 2019 and its first 1,000-point milestone since July 11.
* The latest rally for the Dow comes as the much-broader S&P 500 index shot up 23.69 points or +0.77 percent today to 3,120.32, while the tech-fueled Nasdaq Composite jumped 61.81 points or +0.73% to 8,540.83.