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