The Dow Jones Industrial Average surpassed 26,000 for the first time ever in early trading on Tuesday (January 16) before falling back and closing down 10 points at the end of the day. On Wednesday, the Dow jumped 323 points to close at a record high of 26,115.65. According to USA Today, the 323 point gain was the highest single day gain in 14-months.
The big rally was helped by news that Apple is planning to repatriate billions in overseas cash. The tech giant expects to pay about $38 billion in taxes and invest $350 billion in the United States over the next five years. Based on the amount of taxes being paid CNBC estimates that Apple is going to "repatriate virtually all of its $250 billion in overseas cash." The news resulted in Apple's stock climbing by 1.7%.
The S&P 500 gained 0.9% to finish at 2,802.56 while the The Nasdaq rose 1% to finish at 7,298.28.