The Dow Jones industrial average stormed past 21,000 for the first time Wednesday as investors absorbed President Trump’s address to Congress, in which he pledged business-friendly proposals like tax cuts, deregulation and an increase in infrastructure and defense spending.

Wednesday’s sprint past 21,000 matched the previous record for 1,000-point gains, set in 1999 when the Dow ran from 10,000 to 11,000 in 24 trading sessions.

“President Trump came out and gave a presidential speech, which reassured a lot of people who questioned whether his administration would reach normality,” said Brad McMillan, chief investment officer at Commonwealth Financial Network. “The political uncertainty has been one of the factors holding the market back in the face of an improving economy. The fact that political uncertainty may be starting to subside may be counted as really good news.”

Stocks motored across the board Wednesday. The Dow closed at 21,115, a 1.4 percent gain on the day. The Standard & Poor’s 500-stock index increased 1.3 percent, the Nasdaq Composite was up 1.3 percent, and the Russell 2000 Index was up 1.9 percent.

Apple, Boeing and Goldman Sachs Group have propelled most of the gain in the Dow industrials during its 1,000-point dash.

The Dow Jones industrial average closed above 21,000 for the first time. Banks and other financial companies led U.S. stocks sharply higher. (Richard Drew/AP)

Wednesday was the biggest one-day point lift for the blue-chip index since Election Day 2016. The 30 stocks have continued to surge from below 19,000 without looking back.

“In terms of percentage moves, the move in 1999 was much larger,” said Ryan Detrick, a senior market strategist with LPL Financial. “Nonetheless, this only reinforces how strong the rally has been since the election.”

Detrick said the strong earnings season is pushing the market forward more than Trump.

“This helps justify the gains, as it isn’t all based on hopes for tax reform or infrastructure spending,” he said. “There is real economic improvement now that has sparked much of the rally.”

William Dudley, the influential president of the Federal Reserve Bank of New York, said Tuesday night that tightening monetary policy had become “more compelling,” making a rate increase more likely for March 15.

Higher interest rates are good for banks’ loan business. The market responded, with JPMorgan Chase shares up 3.3 percent Wednesday and Citigroup shares up 2.9 percent.

Wednesday’s gains overshadowed the reported pricing of Snap Inc. at $17 per share, which would value the parent of the popular disappearing-message app Snapchat at almost $24 billion and above the projected share range of $14 to $16. The stock is expected to begin trading on the New York Stock Exchange on Thursday under the “SNAP” ticker.

The yield on benchmark 10-year notes was 2.45 percent. The 30-year yield climbed above 3 percent. Crude oil declined, and gold fell to $1,249.80 per ounce as investors swarmed stocks.

Analysts said they did not see anything tying down equities.

“Sentiment keeps improving,” McMillan said. “With consumer confidence at 15-year highs, with manufacturing sentiment continuing to move up, the economy and business are actually quite sound.”

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