The Limited Times

Now you can see non-English news...

The Dow Jones passes 30,000 points for the first time with the advance of the transition to Biden

2020-11-25T14:26:51.860Z


Economists believe that the record is related to progress in the transition to the new government and the development of the coronavirus vaccine. During a conference Tuesday, in which he did not answer questions, Trump called the landmark on Wall Street "a holy number" and tried to take credit.


For the first time in history,

the Dow Jones industrial index surpassed 30,000 points on

Tuesday, after investors were encouraged by progress on coronavirus vaccines and the news that the formal transition to the Joe Administration will finally begin. Biden.

Investors were also optimistic about the announcement that Janet Yellen, former chairman of the Federal Reserve, has been chosen by Biden to serve as secretary of the Treasury Department.

The Dow Jones, the leading financial indicator, rose 454 points or 1.5% for a total of 30,046 points.

The S&P 500 Index rose 1.6

%.

Donald Trump gives up the transition process to Joe Biden, but still does not accept his defeat

Nov. 24, 202001: 58

Treasury yields also rose as investors became more optimistic about the economy.

President Donald Trump, facing mounting pressure to publicly admit his loss to Biden,

celebrated the gains on Wall Street and tried to seek credit for the milestone

.

["We must advance our proud history as a host country," says Alejandro Mayorkas, future Biden Secretary of Homeland Security]

In a brief conference in which he did not answer questions (he has not done so in weeks), the president told reporters that he wanted to "congratulate the people of our country because there are no people like you" and called the Dow Jones milestone " a sacred number. ”And he added that it was the ninth time this year that the stock market reached a new mark and the 48th time this had happened during his administration.

However,

specialists point out that the record profits in recent days are not due to Trump, but to the progress in the transition to Biden

, including his Cabinet appointments, among other favorable circumstances.

"Anytime you have a compliant Federal Reserve, low interest rates, a more compliant environment, the outlook is good for stocks," said David Frisch, president of Frisch Financial Group.

"Because of what has happened since March, many more of us are working from home, doing things virtually, streaming content online and placing orders that come to our homes," said Sameer Samana, senior global market strategist at Instituto de Wells Fargo Investments.

In particular, Apple, Microsoft and Salesforce have helped propel the Dow higher.

With information from NBC

Source: telemundo

All news articles on 2020-11-25

You may like

Trends 24h

News/Politics 2024-03-28T06:04:53.137Z

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.