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Dow Average tops 30,000, S&P 500 jumps to record in markets wrap

Bloomberg
Bloomberg11/25/2020 11:34 AM GMT+08  • 5 min read
Dow Average tops 30,000, S&P 500 jumps to record in markets wrap
The record runs come in the face of more troubling news on the virus front.
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The Dow Jones Industrial Average topped 30,000 for the first time and investors piled into risk assets as a series of market-friendly developments unleashed animal spirits on Wall Street.

The S&P 500 Index hit a record, spurred by the formal start of President-elect Joe Biden’s transition, news that all but removed the threat of a contested transfer of power. Investors also woke up with a clear sense of what Biden’s Treasury Department will have in policy preferences after he nominated Janet Yellen to the post. A third promising vaccine candidate added to the euphoria, boosting bets that the economy can soar next year.

The rotation into risk assets was widespread. Small caps in the Russell 2000 added another 1.9%, pushing its November rally past 20%. Tesla Inc. tacked on another 6.4% and is now worth US$500 billion ($671.42 billion). Carnival Corp. jumped 11%, Planet Fitness Inc. rose 8% and MGM Resorts International added 9%. Four stocks rose for every one that fell in the S&P 500, while only three Dow companies dropped. Bitcoin rose to a three-year high, topping US$19,000 as it closed in on a record.

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