The Dow Jones Industrial Average, which closed above the 11,000-point mark for the first time yesterday, is the most closely watched stock index in the world.
Considered the principal index of the New York Stock Exchange since 1896, the Dow's daily oscillations affect share prices on every continent as traders and analysts keep an eye on Wall Street, the financial centre of the world's largest economy.
Even by the compressed standards of the modern stock market, the latest Dow milestone arrived with remarkable speed.
The Dow Jones Industrial Average soared 225.65 points, or 2.09 per cent, largely on a strong rally 30 minutes before the closing bell, to end the day at 11,014.69 points, passing 11,000 three minutes before trading ended.
Share prices were buoyed by economic indicators, released yesterday, that dampened fears of rising inflation in the United States.
Traders on the floor hailed the record high with a standing ovation, an event that has become almost routine in the last two months as the Dow, which groups 30 leading issues, has broken record after record.
Since the beginning of the year, the index has risen 20 per cent.
It was only just over a month ago, on March 29th, that the index first closed at 10,000, making yesterday's close the fastest rise between 1,000-point markers in history.
"It is truly remarkable; it's breathtaking," said Hugh Johnson, market strategist at First Albany Corp. "I didn't suspect that I would be talking about Dow 11,000 this year, let alone at the beginning of May."
The Dow was pushed higher by manufacturing and industrial shares after investors got two fresh reminders that the economy is strong, but not inflationary.
The following are key dates in the Dow Jones index's history:
November 14th, 1972: 1,000 points
January 8th, 1987: 2,000
May 30th, 1991: 3,000
February 23rd, 1995: 4,000
November 21st, 1995: 5,000
October 14th, 1996: 6,000
February 13th, 1997: 7,000
July 16th, 1997: 8,000
April 3rd, 1998: 9,000
March 29th, 1999: 10,000
May 3rd, 1999: 11,000
