After 117 years, sports has finally made it to the big time, when, starting next Tuesday, a sports company will be included in the Dow Jones averages.
The Dow Jones, of course, has always preferred very serious corporations –– your banks, your automotives, your insurers. OK, the movies were allowed in 1932 with the inclusion of Loews, and Walt Disney was brought onboard in 1991, but sports was never considered substantial enough for an industrial average until now, when Nike has been ordained.
Stocks surged Thursday after the chief of the Federal Reserve sent signals that the central bank wasn't in a hurry to stop helping the economy. When the markets closed, the Standard & Poor's 500 Index was at a record high. Other U.S. indexes were also up, including the Dow Jones Industrial Average, which rose nearly 170 points to a record 15,460.92.
Update at 5 p.m. ET: We've updated some figures in this post to reflect the markets' closing.