The Dow Jones Industrial Average hit another milestone on Wednesday, breaking over 22,000 for the first time in history before the morning trading bell was done ringing.
The Dow hit the new milestone with Apple's rally toward a record earnings outperformance, according to Business Insider:
Apple on Tuesday beat analysts' expectations for fiscal-third-quarter profits and revenue, and issued strong guidance for its fourth quarter. It shares rallied to a record on Wednesday, rising 6% to as high as $159.65.
The market's gains this week came despite mostly disappointing economic data. Monthly data on personal income, manufacturing, and construction spending all missed economists' expectations, while personal spending and inflation numbers matched estimates.
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The Dow is a price-weighted index, meaning that companies with higher share prices — not market capitalization — have an outsized influence on its level. Boeing, which has the highest stock price on the index, added about half of the Dow’s gains during the past eight weeks. Its shares spiked after its second-quarter earnings topped forecasts, helped by cost-cutting.
The market has been soaring since President Donald Trump took office in January, as Dow has reached multiple milestones. Five days into Trump's presidency, the Dow reached a record high of 20,000. The Dow then reached 21,000 less than two months later.
Trump has been critical of the media for not covering positive news about the economy during his administration, castigating the media on Twitter.
The #FakeNews MSM doesn't report the great economic news since Election Day. #DOW up 16%. #NASDAQ up 19.5%. Drilling & energy sector...
— Donald J. Trump (@realDonaldTrump) June 11, 2017
...way up. Regulations way down. 600,000+ new jobs added. Unemployment down to 4.3%. Business and economic enthusiasm way up- record levels!
— Donald J. Trump (@realDonaldTrump) June 11, 2017