CNN Business reports:
Investors have a lot to be thankful for this holiday-shortened week — including the Dow passing the 30,000 milestone for the first time as stocks posted solid gains Tuesday to extend Monday’s rally.
The Dow was up more than 400 points, or 1.4%, in late morning trading. The blue chip index hit a new all-time high in the process, finally topping the 30,000 mark. The latest catalyst: It appears that a formal transition from President Donald Trump to President-elect Joe Biden is finally underway.
The S&P 500 and Nasdaq were both higher on Tuesday as well. So was the Russell 2000, an index that is home to smaller American companies that are expected to benefit from a rebound in the US economy.
At this writing Trump is speaking at a hastily-called press event to take credit for the new record.
“ ‘If Biden wins,’ Trump told a cheering crowd near Reading, PA on Halloween, ‘you’re going to have a stock market collapse the likes of which you never had.’
“That didn’t happen. Instead, the stock market has notched new record highs”
Dow 30,000 today https://t.co/nzvsFpUU6L
— John Harwood (@JohnJHarwood) November 24, 2020