SPRINGFIELD, Mass. (WWLP) – The stock market hit an all-time high Tuesday, as November is shaping up to be a very successful month.
The Dow Jones Industrial Average hit 30,000 points late Tuesday morning, a new record high.
The economy may still be struggling during the pandemic, but the month of November has shown to be a very successful month for the stock market. Stocks rose Tuesday after AstraZeneca and the University of Oxford said their coronavirus vaccine was up to 90 percent effective, becoming the third company this month that was revealed to be effective in trial data.
The recent surge in stocks is also due to the news that President-elect Joe Biden nominated former Federal Reserve Chair Janet Yellen for Treasury Secretary.
22News spoke with financial advisor Mark Teed from Raymond James. He said the market continues to look promising as the transition from President Donald Trump to President-elect Joe Biden gets underway.
“With the election over, we now know what the next four years is going to look like. What it’s telling us is that next year is going to be really good. It’s starting to discount in every area, every single sector is going up. The stock market at 30,000 is quite an achievement when you consider 2020,” said Teed.
Teed said he’s optimistic that the Dow Jones Industrial Average could go much higher than 30,000 as we head into 2021.
The news of potential COVID-19 vaccines is really having a positive impact on the stock market. It just depends now on when those vaccines actually come out.