Dow Jones Industrial Average Reaches 30,000 for First Time

Voice of America
25 Nov 2020, 02:05 GMT+10

The Dow Jones Industrial Average topped 30,000 for the first time on Tuesday, buoyed by favorable investor sentiment over coronavirus vaccine developments and news that President-elect Joe Biden's transition process has begun.

The Dow rose 1.4% in midday trading while the S&P 500 index, which has a far greater impact on retirement accounts than the Dow, climbed 1.3%. The technology-heavy Nasdaq Composite Index was up 1%.

President Donald Trump tweeted his congratulations to "everybody" for reaching the milestone, although analysts partly attributed the gains to news that his incoming successor, Biden, had chosen widely respected former Federal Reserve chair Janet Yellen as treasury secretary.

The Dow traded above 30,000 amid growing optimism that coronavirus vaccine developments will allow governments to relax restrictions that have weakened the U.S. and other economies. AstraZeneca, Pfizer and Moderna have all recently announced good results from ongoing vaccine studies.

Additionally, the U.S. General Services Administration acknowledged on Monday that Biden is the apparent winner of the Nov. 3 presidential election. The acknowledgement allows Biden to coordinate with federal agencies on plans to assume control of the White House on Jan. 20, despite ongoing efforts by President Donald Trump to overturn the election.

Speaking at the White House, Trump said, "I just want to congratulate everybody. The stock market Dow Jones Industrial average just hit 30,000, which is the highest in history...That's a sacred number 30,000. Nobody thought they'd ever see it."

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Broadcast Communications.

More Information

null in null

Business

Section

BP appoints ex-Shell finance chief Simon Henry to board

LONDON, U.K.: This week, BP appointed Simon Henry, former Shell finance chief, to its board as a non-executive director effective September...

FedEx, UPS step up as Canada Post loses market share in strikes

OTTAWA, Canada: With Canada Post struggling to maintain operations amid labour unrest, rivals like FedEx and UPS are stepping in to...

U.S. stocks steady Tuesday despite tariffs turmoil

NEW YORK, New York - U.S. and global markets showed a mixed performance in Tuesday's trading session, with some indices edging higher...

Beijing blamed for covert disinformation on French fighter jet Rafale

PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...

Birkenstock steps up legal battle over fakes in India

NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...

Beijing hits back at EU with medical device import curbs

HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...

Sectors - Broadcasting

Section