The Dow Jones Industrial Average has closed above 30,000 for the first time.
Investors piled into stocks and sent markets higher as a spate of positive political and Covid-19 news lifted investors’ spirits heading into the U.S. Thanksgiving weekend.
The S&P 500 Index also hit a new record during Tuesday’s trading session, spurred by the formal start of President-elect Joe Biden’s transition to the White House, news that all but removed the threat of a contested transfer of political power. Investors were also encouraged by news that Biden has tapped Janet Yellen to lead the Treasury Department.
Additionally, a third promising vaccine candidate against Covid-19 added to the investor euphoria, boosting bets that the economy can soar next year once the global pandemic ends.
The buying of stocks was widespread. Small caps in the Russell 2000 index rose 1.9%, pushing its November rally past 20%. Electric vehicle maker Tesla (NASDAQ:TSLA) increased 6.4% and is now worth $500 billion U.S. Carnival Corp.(NYSE:CCL) jumped 11%, Planet Fitness (NYSE:PLNT) rose 8% and MGM Resorts International (NYSE:MGM) added 9%. And Bitcoin rose to a three-year high, topping $19,000 U.S.
Energy companies in the S&P 500 index surged 4% on the back of oil’s advance past $45 U.S. per barrel for the first time since March. The U.S. dollar weakened versus its major peers and Treasuries fell. Gold declined toward $1,800 U.S. an ounce.
In all, more than 12 billion shares changed hands Tuesday, up 75% from the same time last year. Stocks are likely to run further on Wednesday when a number of economic indicators are released, including jobless claims, readings of consumer confidence and personal income.
