|Real-time Estimate - 01/20 12:33:26 pm|
UPDATE2: Dow tops 30,000 for 1st time on transition hope, vaccine progress
|11/24/2020 | 04:48pm|
The Dow on Tuesday topped the 30,000 threshold for the first time as investors grew optimistic about the economic outlook following the start of the transition of power from
The 30-issue Dow Jones Industrial Average soared 454.97 points, or 1.54 percent, to end at 30,046.24. The tech-heavy Nasdaq Composite Index rose 156.15 points, or 1.31 percent, to 12,036.79.
Investors reacted positively as the Biden team gears up its preparations for the transition, with the belief that the incoming Democratic administration will reduce political risks compared with the incumbent Trump, whose government has featured unpredictable policy changes, traders said.
Recent progress in the development of vaccines for the novel coronavirus also helped stocks gain ground.
The series of successful findings has raised hopes toward a breakthrough in the nearly year-long global fight against the coronavirus pandemic.
Despite surges in the numbers of infections and deaths in
"The stock market Dow Jones industrial average just hit 30,000 which is the highest in history," Trump said in the early afternoon. "And that's despite everything that's taken place with the pandemic, I'm very thrilled with what's happened on the vaccine front. That's been absolutely incredible."
Noting that the Dow had just exceeded the milestone, he said, "Never been broken, that number. That's a sacred number, 30,000. Nobody thought they'd ever see it."
"I just want to congratulate all the people within the administration that worked so hard. And most importantly I want to congratulate the people of our country, because there are no people like you," Trump added.
The sharp rise of the Dow comes as major equity markets in
The Dow neared the 30,000 line in February, but the benchmark average went into a steep decline and fell below 19,000 in late March when
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