SPRINGFIELD, Mass. (WWLP) – The Dow closed under 30,000 points Wednesday as investors continue to celebrate the success from Tuesday’s numbers.
The Dow Jones Industrial Average on Tuesday surpassed 30,000 points for the first time in history. Stocks pushed higher as Pennsylvania certified President-elect Joe Biden’s win in that state and the White House moves to pave the way for President Trump’s exit from the Oval Office.
The gains extend a month-long market rally driven by growing optimism that the development of coronavirus vaccines and treatments will loosen the pandemic’s stranglehold on the economy. They also mark a rapid climb for the Dow from its March 23 low of just under 18,600 during the worst of its early pandemic landslide.
“A couple of weeks ago we talked about certainty. Now that the election is over and there are two vaccines, possibly three or four or five coming by January, we are starting to look at there’s an end down the road of when this thing is going to end and we can shake hands again” said Mark Teed, a financial investor at Raymond James Financial. “With the election over, we know what the next four years are going to look like. So when those two things are taken out of the equation it’s like a cloudy day turned sunny.”
The U.S. stock market is closed Thursday because of Thanksgiving.
It will reopen on Friday for a half-day session.