By Tony Winterburn • 24 November 2020 • 20:39
Dow Jones Breaks Record High On Biden Transition and Vaccine Hopes.
The Dow Jones smashed the 30,000 point barrier in a global stock market rally as US stock values registered another milestone in a year that has seen the FTSE 100 struggle to keep pace in London.
The Dow Jones Industrial Average surged past the 30,000 point barrier for the first time in its history as global stock markets continue their fightback from the coronavirus crisis. Market analysts said the rally was helped by renewed COVID-19 vaccine hopes, along with several other factors that boosted values- one of them being the eventual transitional hand-over to the Biden administration.
Stock market investors were also said to be impressed by the Democrat president-elect’s decision to nominate former chair of the Federal Reserve, Janet Yellen, as his treasury secretary. Investors had been growing worried that Trump’s refusal to allow proceedings to begin would hamper President-elect Joe Biden as he prepares to take office.
The Dow was up 1.6% at 30,065 points as of midday trading. The S&P 500 was up 1.6%, while the Nasdaq Composite Index was up 1%.
The fresh milestone was reached after US President Donald Trump formally cleared the way for an orderly transition of power to President-elect Joe Biden on Monday. Trump addressed the stock market surge in a brief press conference, congratulating the people in his administration and the American public. “It’s never been broken that number. That’s a sacred number: 30,000. Nobody thought they’d ever see it,” he said.
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