Dow Plows Through 30K Mark for First Time
November 24,2020 12:01 pm EST
The Dow Jones Industrial Average rallied on Tuesday, breaking above 30,000 for the first time as this month''s rally in beaten-down value stocks continued to pick up steam amid positive vaccine news and hope for a strong economic recovery.
The 30-stock index rocketed 470.10 points, or 1.6%, to achieve noon Tuesday at 30,061.37.
Tuesday''s rally also put the Dow up more than 13% for the month and on track for its biggest monthly gain since 1987.
Boeing gained 3.9% and Chevron rose 3.3%, to lead the Dow higher.
The S&P 500 jumped 56.32 points, or 1.6%, to 3,633.73, putting it on pace for a record closing high. Energy was the best-performing sector in the S&P 500, rising 4.2%. Financials, meanwhile, advanced 2.7%.
The NASDAQ sprinted 126.76 points, or 1.1%, to 12,007.39.
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 $1.79 cents to $44.85 U.S. a barrel.
Gold prices lost $35.10 to $1,802.70 U.S.
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