Market milestone: Dow closes above 30,000 for the first time ever

Radmilla Suleymanova

The Dow Jones Industrial Average crossed a major milestone on Tuesday, closing above 30,000 for the first time ever after United States President Donald Trump gave the green light to the formal transition of power to President-elect Joe Biden’s administration.

The 30-share index vaulted out of the gate at the opening bell and kept on rallying to finish the session up more than 454 points or 1.54 percent at 30,046.24.

Tuesday’s record-setting moment was set in motion earlier this month by positive news in the race for a COVID-19 vaccine. The prospect of a pandemic game-changer triggered a powerful rotation that saw investors snap up shares in companies beaten down by the virus, such as airlines, cruise operators, hotels and financial firms.

On Monday, investor sentiment was given a further boost after Trump said that the head of the General Services Administration could go ahead with a transition to Biden’s administration – turning a page on a fraught political moment in the nation’s history.

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