Dow soars past 29,000 for first time, brushing off weak jobs report

The Dow Jones Industrial Average hit a new record high Friday, crossing past 29,000 for the first time. The blue-chip index passed the 28,000 mark just 37 days ago.

“11,000 points gained in the Dow in the 3 years since the Election of President Trump,” President Donald Trump tweeted on Friday morning ahead of the milestone. “Today it may hit 29,000. That has NEVER happened before in that time frame. That has added 12.8 Trillion Dollars to the VALUE of American Business.” @Varneyco @FoxNews The best is yet to come!”

The new milestone for the 30-member index came after a disappointing monthly government labor report, with just 145,000 jobs gained for the month of December, sluggish gains in annual wage growth, and downward revisions for November and October job totals.

The Dow hit 28,000 on Nov. 15 and needed just 48 points Friday to breach the 29,000 mark, having flirted with the number all day Thursday after a de-escalation in the conflict with Iran soothed investor fears, energy prices settled, and Apple posted record gains on higher-than-expected sales in China.

Gains in Apple, Goldman Sachs, and healthcare stocks helped push the index upwards.

Friday’s record caps a rollercoaster week on the world’s stock exchanges, as tensions rose and deflated amid military escalation in the Middle East, a Boeing plane crash with 176 fatalities, and confirmation that China would sign phase one of the trade deal next week in Washington, D.C, after almost two years of a trade war that saw both countries slapping tit-for-tat tariffs on billions of dollars of imported goods.

The Dow fell more than 200 points on Monday before recovering, then fell again on Tuesday by around 100 points. A relief rally followed on Wednesday, expanding on Thursday, after Trump said Iran was “standing down.”

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