The Dow Jones Industrial Average jumped past 25000 for the first time Thursday, the index’s fastest run to a fresh 1,000-point milestone in history.

The S&P 500’s long-running rally also reached a new landmark Thursday, becoming the greatest bull market in the postwar era. The broad index has more than quadrupled since the bull market began in March 2009, surpassing the tech-fueled rally of the 1990s, according to the research firm Leuthold Group, which excluded dividends from its calculations. The Dow has risen 283%...