Yesterday the Dow Jones industrial average rose 123 points to finish at a new all-time closing high. It was the 31st 100-point move for the Dow industrials this year (either up or down), which is oddly enough the fewest number of 100-point moves through July 12 since 2012, according to the Journal’s Market Data Group.
It’s all the more interesting given that 100-point moves for the Dow mean far less than they used to. A 100-point move today would mark a gain or loss of less than 0.5 percent for the day. During the depths of the financial crisis just eight years ago, 100 points meant a move of more than 1 percent.
On a more positive note, the Dow Jones has had only ten days with 100-point declines in 2017. That's the fewest through July 12th for any year since 1998.