Dow Jones passes 20,000 points for the first time

New York: The Dow Jones Industrial Average, the most famous equity index benchmark on Wall Street shot above 20,000 for the first time at the open Wednesday.

The blue-chip stocks index quickly blew through the much-anticipated milestone in the opening seconds of trading, culminating a US rally in the wake of US President Donald Trump´s election, in anticipation he will produce pro-growth policies.

About 15 minutes into trading, the Dow was 20,010.71, up 0.5 percent. The broad-based S&P 500 also rose 0.5 percent to 2,290.43, while the tech-rich Nasdaq Composite Index gained 0.6 percent to 5,635.10.

The S&P 500 and the Nasdaq each closed at all-time records on Tuesday. In crossing the 20,000 threshold after many failed tries, the market regained its optimistic mindset after the rally spurred by Trump´s election stalled in mid-December and up to the January 20 inauguration.

Analysts said the shift was triggered by Trump´s announcements Tuesday to advance two major pipeline projects that had been blocked by former president Barack Obama.

The pipeline move "wasn´t a surprise as it was consistent with campaign rhetoric, yet it was a timely reminder for a listless market of the Trump Administration´s push to increase economic activity in the US," said Briefing.com analyst Patrick O´Hare.

The rally spurred more stock buying by investors who were caught off guard in what O´Hare dubbed "FOMO" or the "fear of missing out."

The renewed market confidence suggests investors are shrugging off worries about Trump, which include fears he will ignite a trade war with protectionist policies and push hard on controversial social policies.

Trump was expected later Wednesday to announce the first steps towards building a massive wall on the Mexican border, a campaign promise that pleased his political base but has been criticized by others as unnecessary and mean-spirited, as well as a misuse of funds.