The Dow has risen by more than 450 points (1.5%) to cross the milestone. The S & P 500 Index, which has a far greater impact on 401 (k) accounts than the Dow, rose 1.6% to a record high.
This benefit extends the month-long market recovery, driven by growing optimism that the development of coronavirus vaccines and treatments will loosen the shackles of the pandemic economy. They also show that during the worst of the early pandemics, the Dow soared from a low of just under 18,600 on March 23.
“We are one step closer to overcoming election uncertainty,” said Lindsey Bell, chief investment strategist at Ally Invest. “People are still optimistic about what 2021 will bring, both economically and profitably.”
The S & P 500 rose 57.82 points to 3,635.41. The Dow rose 454.97 points to 30,046.24. Both indices exceeded record highs set earlier last week. The technology-intensive Nasdaq Composite index rose 156.15 points (1.3%) to 12,036.79.
Traders continued to support stocks, such as banks and industrial companies, that could maximize their profits from the gradual resumption of the economy. Technology and telecommunications stocks, which have become investors’ favorites through the pandemic, also contributed to the rise in the market.
As another signal that investors are confident, the Russell 2000 Index outperformed the wider market, rising 35.23 points (1.9%) to 1,853.53, a record high.
“There is some relief in Biden’s choice of moderates to fill the cabinet,” said Barry Banister, head of institutional strategy at Stiffel. Banister also said the promising vaccine news continues to give hope that the pandemic will be put to an end.
Several candidates are under development for the vaccine. Pharmaceutical company AstraZeneca states that potential vaccines developed at Oxford University are up to 90% effective. Unlike rival candidates, AstraZeneca does not need to be stored at extremely low temperatures, making it easy to distribute. Pfizer and Moderna also report studies showing that the vaccine is nearly 95% effective.
Regeneron Pharmaceuticals received US Government approval for emergency use of COVID-19 treatment over the weekend. The drug, which President Donald Trump received when he got sick last month, aims to prevent hospitalization and exacerbation of the disease in patients with mild to moderate symptoms.
The US market will close on Thursday due to Thanksgiving holidays. It is open half a day on Fridays and closes at 1:00 pm Eastern Standard Time.
In energy trading, benchmark US crude rose 67 cents to $ 45.58 a barrel. The international standard Brent crude oil rose 76 cents to $ 48.62 a barrel.
In currency trading, the US dollar rose from 104.30 yen to 104.56 yen. The price of the euro has risen from $ 1.1878 to $ 1.1901.
AP business writers Alex Veiga and Damian J. Troise contributed to this report.
Asia’s share rises after Dow peaks at 30,000 in hopes of vaccines
Source link Asia’s share rises after Dow peaks at 30,000 in hopes of vaccines