DOW Tops 30,000 For The First Time
On Tuesday, the DOW finished the day up nearly 455 points, or 1.5%. The index hit an all time high and passed the 30,000 benchmark for the first time ever.
The S&P 500 and Nasdaq also closed higher, up 1.6% and 1.3% respectively.
According to analysts, vaccine optimism, solid US home prices, news that the formal transition of power to President-Elect Joe Biden has commenced and the expected appointment of Janet Yellen, the current Federal Reserve Chair, as Treasury Secretary are all considered to be contributing factors to the rally.
President Trump also praised the milestone in a brief press conference saying, "I’m very thrilled with what's happened on the vaccine front, that's been absolutely incredible. Nothing like that has ever happened medically, and I think people are acknowledging that...It's having a big effect. The stock market's just broken 30,000, never been broken, that number. That's a sacred number, 30,000, and nobody thought they'd ever see it."
This is the ninth time the market has broken records since the beginning of 2020.
Photo Source: Gerd Altmann
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