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  • Writer's pictureD. Brit

DOW Tops 30,000 For The First Time

What Happened:

  • 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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