The White House has taken credit for the Dow Jones Industrial Average topping 20,000 for the first time on Wednesday.

The most famous equity index benchmark on Wall Street shot above the figure in early trading, before finishing the day at 4pm at 20,068 - up 0.78 per cent on the day.

Donald Trump's team was quick to claim the milestone as one of its own making, with Kellyanne Conway tweeting: 'The Trump Effect.

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The White House has claimed credit for the Dow Jones Industrial Average topping 20,000 for the first time on Wednesday. Trump is pictured outside the Oval Office with Mike Pence on Wednesday

Kellyanne Conway was the first to give her boss credit, tweeting: 'The Trump Effect'

Eric Trump then chimed in: 'Amazing... and he is just getting started! #Dow20K'

The president did not directly claim responsibility, but his tweeted: 'Great! #Dow20K.'

The message did not come from Trump, but rather someone on his staff.

Earlier, 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 Donald Trump's election, in anticipation he will produce pro-growth policies.

This chart shows the Dow's closing tally for the day just after 4pm on Wednesday, which was 20,068 points

Eric Trump, who is running his father's companies with Donald Jr while the president is in the White House, gave Donald Trump credit for the rise in a tweet

The president's team also sent out a message that read, 'Great! #Dow20K.' It did not come from the Donald himself, as it was not signed by him

About four minutes into trading, the Dow was 20,007.77, up 0.5 percent.

The index came within a point of the historic level on Jan. 6, as investors banked on pro-growth policies and tax cuts from the new administration.

But the venerable index had stalled recently, dropping modestly in consecutive weeks, as investors grew cautious as they looked for clarity on the administration's new policies.

There is a real belief that Trump is real, he has been extremely active these first couple of days of the presidency and a change may happen faster than people had thought.

About four minutes into trading, the Dow was 20,007.77, up 0.5 percent - and kept rising before it finished at 20,068

A trader wears a Dow 20,000 hat on the main trading floor as the benchmark was passed

Because the index remained above 20,000 by closing time, the 42-session surge from the first close above 19,000 would mark the second-shortest length of time between such milestones.

The 24 trading days between 10,000 and 11,000 from March 29 to May 3 of 1999 was the fastest.

The rise from 18,000 to 19,000 took the Dow 483 trading sessions.

The move since Nov. 22, when the index closed above 19,000 for the first time, has been spearheaded by financial stocks - with Goldman Sachs and JPMorgan accounting for about 20 percent of the gain.

The two banks have benefited as investors bet that Trump's expected fiscal stimulus will trigger inflation and stoke a rise in interest rates.