Investing.com - Consumer and financial stocks powered today's rally on the Dow Jones Industrial Average (DJIA), as the index closes in on the 20,000.00 milestone mark. Several trillion dollars in wealth have been created on the financial markets since the election of Donald Trump seven weeks ago, one analyst noted.
The Dow was at 19967.40 in late afternoon trading on Tuesday, up 0.42%, or 84.34 points.
The final closing figure was 19974.62 today, up 91.56 points, an increase of 0.46%.
The Nasdaq was up to 5478.10, up 0.38%, or 20.81 points.
That index closed at 5483.94, up 26.50 points, or 0.49%.
The S&P 500 increased too to 2268.82, up 0.28%, or 6.32 points.
The S&P closed at 2270.76.
Closing above the 20,000.00 level would be an industry first for Wall Street.
Shares of Goldman Sach surged on expectation of President-elect Trump reducing regulation for the financial industry, including a possible repeal of Sarbannes-Oxley and related laws.
The market first hit 19,000.00 just last month. This is one of the fastest 1,000 point rises in the index's more than 100 year history, experts said.
Some speculation heard on Wall Street indicates that many investors may cut, and run, once the marker of 20,000.00 is met, taking the profits and heading home for the holidays on the heels of the "Santa Rally."
Others think a long-term bull market is now here, as a result of the "Trump Rally" caused by the election of Donald Trump as president of the U.S. Trump's cabinet picks are seen as "even more conservative" than President Reagan's team back in the 1980s by leading analysts.
Experts note that U.S. equities are up for the year, but so are Canadian shares.
News out of Germany and Turkey are not impacting the market's optimism today. A spokesman for the U.S. State Department this afternoon in Washington D.C. indicated that ISIS was taking credit for the terrorism attack in Germany, and that the smaller U.S. military presence in the Middle East may have contributed to the murder of the Russian ambassador in Ankara.
The U.S. has closed embassies and consulates in Turkey in response to the attacks. Secretary of State Kerry has called the Russian foreign ministry to offer America's condolences for the killing.
The New York Police Department, in the meantime, is stepping up police patrols in Manhattan in response to the terrorism news from Berlin and Ankara. Police are worried about possible attacks at "Christmas markets," i.e. temporary commercial facilities set up for holiday shopping sprees.
The U.S. State Department has issued a travel warning for Americans heading overseas.