Dow Jones Industrial Average tops 30,000 in new record

by Laura Mize · Nov 24th, 2020 3:10 pm

Last Updated Nov 24th, 2020 at 10:29 pm

The Dow Jones Industrial Average reached 30,000 for the first time Tuesday, apparently buoyed by a series of positive announcements about progress on COVID-19 vaccine candidates and the official start of a transition of presidential power.

By midday Tuesday, the index had passed 30,075 with a 1.6% gain, equal to 480 points. President Trump called the 30,000 milestone "a sacred number" during a press conference.

At least some investment analysts viewed as positive the news of the federal government's General Services Administration cooperation with former Vice President Joe Biden's transition team, saying it scuttles some of the uncertainty that has lingered since the election.

"This is very positive: it means that we finally might get an orderly transition process," said Luc Filip, who leads private banking investments at SYZ Private Banking. "That would relieve some of the uncertainties that have been weighing on the market over the past two to three weeks."

The S&P 500 also rose 1.6% by midday Tuesday, and the Nasdaq Composite was up 1.3%.

Biden's pick of Janet Yellen for Treasury Secretary also was met positively.

"She has clearly shown that she's willing to minimize the downside risks to the economy," said Eric Barthalon, Allianz's global head of capital markets research. "This is good news from a markets' point of view."

The Wall Street Journal's Dollar Index was down .3%. The index rates the dollar against other currencies.


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