Stock market hits 23K milestone

The Dow crossed 23,000 points for the first time in its history just months after hitting a previous record of 22,000 points amid expectations of tax cuts and deregulation under the Trump administration.
1:38 | 10/18/17

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Transcript for Stock market hits 23K milestone
We'll talk about some money news right now. A lot of eyes are on the stock market this morning after the Dow reached a major milestone on Tuesday crossing 23,000 points for the first time ever before closing just below that mark, ABC's Paula Faris is on wall Street with more. Good morning, Paula. Reporter: And good morning to you, Michael. The market is on fire right now. A lot of us are going to be tempted to peek at our 401(k)s this morning but as you heard the Dow surpassed 23,000 for the first time ever and just to give you a sense of how hot things are since election day, we've seen a 25% increase in the market. 66 record highs and it's up 4600 points so why is the market as strong as it is right now? A couple of reason, number one being solid earnings reports. Another reason, news of a GOP tax cut plan. That makes significant progress yesterday when senator John McCain said he would back a bill, the senate is expected to vote on this a little bit later this week and trump continues to tout the largest tax cut in the had is tri of our country so what does that mean for you? Here's what it means. If the American family had $10,000 in the market on election day this morning they're waking up, it's worth about $12,600. There are question, though, how long this bull run could last. We're in the midst of an eight plus year run. No signs it will be slowing down any time soon especially with news of this possible tax cut but there is concern the market is too hot and melts. Too much of a good thing, too fast. The best long-term strategy, Michael, look at your money but don'ttouch. We'll send things back to you. That's the hard thing, look at it but don't touch. A lot of people wondering how long this could continue. We'll see.

This transcript has been automatically generated and may not be 100% accurate.

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