Dow closes above 24K in historic first

ABC News' Rebecca Jarvis reports the record-breaking moment came amid optimism about planned Republican tax cuts and higher consumer optimism and spending.
1:40 | 12/01/17

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Transcript for Dow closes above 24K in historic first
Now to a new record-braking moment on the stock market. The Dow closing above 24,000 points for the first time ever and this comes as Republicans try to pass their tax plan. Our chief business correspondent Rebecca Jarvis is here to break it all down for us. What does it mean? For those who have an account like a 401(k) It means you're doing quite well. This is the biggest one-day gain of 2017. Just 30 trading sessions after surpassing the 23,000 mark, the Dow closing above 24,000 for the first time ever. Thanks to optimism about planned Republican tax cuts. Since trump's election last November, we have hit six of these new thousand-point milestone, so what's really getting things higher here? Consumers, we're spending more and feeling more confident about the economy. Remember, the Black Friday sales weekend, second, the major factor is potential for tax reform. Many companies have said they will pass those savings to shareholders in the form of stock buybacks and dividends which is good news if you own stocks about half of Americans do. But not necessarily, Michael, if you are waiting on a raise. If you're waiting 0en a raise, okay. Well, where do things go from here? Everybody is excited about it hitting 24,000. Where does it go from here. That typical 401(k), this year so far it's up about $16,000. We've now seen this bull market in stocks. Stocks rising without any significant drops go on for almost nine years. Some are going to say, well, what goes up must eventually come down. What happens next in the near term really depends on this tax plan, does it get passed. So much is hinging on that tax plan. Yeah. Has been an extraordinary run. Oh, yeah, it has.

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

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