The Dow Jones Industrial Average rose 175.24 points on Wednesday, a 1.26% gain that puts the index up 0.5% for the week; the Dow is up 291 points in the past two days. Monday’s 216-point loss seems a long time ago.
Today’s performance was the second-best session of the year, behind Jan. 2, and propelled the Dow to close at 14,075.37, its highest level since Oct. 12 2007. It’s now just 0.63% of its nominal record closing high of 14,164.53, from Oct. 9, 2007. We’ve now seen four straight sessions of triple-digit moves.
WSJ MarketBeat’s Paul Vigna attributed the climb to the dovish Congressional testimony by Fed Chairman Ben Bernanke over the past two days, as it allayed fears the Fed may stop its market-friendly quantitative easing program any time soon. The fact that, despite a confused election outcome, Italy hasn’t collapsed into a chaos unseen since the Visigoths came calling also probably helps.
The Standard & Poor’s 500 index also saw a nice gain, rising 1.27%; the index has gained 1.89% in the past two days and is now up a slight fraction this week. The Russell 2000 rose 1.1% today to close at 909.92.
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