Dow Cracks 30K Barrier at Close
November 24,2020 04:36 pm EST
The Dow Jones Industrial Average rallied on Tuesday, breaking above 30,000 for the first time amid positive vaccine news, hope for a strong economic recovery in 2021 and easing of political uncertainty as the Trump administration approved the start of the presidential transition.
The 30-stock index rocketed 456.57 points, or 1.5%, to close Tuesday at 30,047.84. Chevron rose 5% to lead the Dow higher. JPMorgan Chase took on 4.6%, and Goldman Sachs rose 3.8%.
The S&P 500 jumped 57.82 points, or 1.6%, to 3,635.41, also notching a record close.
The NASDAQ sprinted 156.15 points, or 1.3%, to 12,036.79.
Tuesday''s gains put the Dow up more than 13% for the month, which would be its biggest monthly gain since 1987. The S&P 500 is up11.2%, and the NASDAQ has collected 10.3%, in November. It would be the NASDAQ''s and S&P 500''s best monthly performances since April.
General Services Administration chief Emily Murphy told President-elect Joe Biden that the Trump administration is making federal resources available for his transition into office.
President Donald Trump tweeted that he approved of the move, but said he will "keep up the good fight" even as his reelection campaign has so far failed to win any legal victories that would invalidate votes for Biden.
Investors cheered more promising developments on the Covid-19 vaccine front. AstraZeneca said interim analysis showed its vaccine has an average efficacy of 70%, following strong results from Pfizer-BioNTech and Moderna.
Major averages hit their session highs after news broke that Joe Biden will nominate former Federal Reserve Chair Janet Yellen to be Treasury Secretary. Many view Yellen as a market-friendly pick considering that she oversaw a long economic expansion with historically low-interest rates and she''s likely to push for further fiscal stimulus.
U.S. markets will be closed for the Thanksgiving holiday on Thursday and will have a short session on Friday.
Prices for the 10-Year Treasury were lower, boosting yields to 0.88% from at Monday''s 0.86%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.81 to $44.87 U.S. a barrel.
Gold prices lost $33.20 to $1,804.60 U.S.