COEUR D’ALENE — Twelve years ago, Les Atchley told the Press he was confident that the Dow Jones industrial average would hit the 50,000-point milestone; he just didn’t know when. 

“I’m confident the Dow will crest 25,000 (Jan. 2018), 50,000, and even 100,000, I just don’t know when,” Atchley said in 2014. 

We know now. 

On Friday, the index surged by more than 1,000 points to hit 50,000, marking a gain of more than 30,000 points from this date a decade ago. In early 2016 — two years after Atchley’s prediction — the index had just re-crossed the 17,000-point mark. 

The Dow, which tracks 30 large U.S. companies, is often viewed as a barometer of investor confidence, though it does not reflect the full economy. 

The blue-chip index surged more than 1,000 points, or over 2%, on Friday, driven by strong gains in technology, industrial and financial stocks. Shares of Nvidia jumped more than 7%, while Caterpillar and Goldman Sachs also posted sizable advances, adding hundreds of points to the index. 

“Today is a day to celebrate for anyone who owns stocks,” Atchley said. 

Atchley, 78, a local Certified Financial Planner, explained that while the number is something to be excited about, it remains largely symbolic and highlights the long-term strength of the American economy. 

“This is the magic of the American Free Enterprise system,” Atchley said. “Free markets can flourish. It began with the American Constitution and continues with our ongoing laws that unleash the animal spirits in the men and women who have built our great American companies.” 

Friday’s rally followed a large sell-off earlier in the week tied to concerns about artificial intelligence disruption and high stock valuations. Analysts described Friday’s move as a rebound, with investors reassessing that recent declines had gone too far. 

Because the Dow is price-weighted and tracks only 30 companies, gains in a handful of high-priced stocks can drive large market swings. Market observers said the milestone reflects investor optimism but cautioned it does not signal guaranteed future gains. 

“We believe the best way to build wealth over time without working is to own shares of the great American companies,” Atchley said. “Think of all the companies from whom we buy goods and services. We believe that owning a diversified portfolio of these stocks provides a great way to build wealth over time.” 

Atchley explained further that for people who live in North Idaho and have 401ks and IRAs, the rising Dow means their 401ks and IRAs will continue to increase in value, assuming they invest in stocks. Market experts predict more volatility in the days ahead, noting that milestone days are often followed by choppier trading as investors take profits and reassess risk. This should not be viewed as any sort of crash, but instead as normal market behavior. 

Atchley was certainly right about 25,000 and 50,000. If history is any guide, the next milestone may simply be a matter of time.