Dow Jones hits 30,000 for first time in history

The Dow Jones Industrial Average surged past 30,000 points for the first time in history Tuesday, a day after the Trump administration finally agreed to start the transition process to President-elect Joe Biden.

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November 25, 2020 - 9:55 AM

Photo by (Luiz Roberto Lima-Anb/Pacific Press/Zuma Press/TNS)

The Dow Jones Industrial Average surged past 30,000 points for the first time in history Tuesday, a day after the Trump administration finally agreed to start the transition process to President-elect Joe Biden.

Investors also appeared encouraged by a series of hopeful developments in the race for a coronavirus vaccine and news that Biden has selected former Federal Reserve chairwoman Janet Yellen as treasury secretary. The Brooklyn-born labor economist is well-liked by Democrats and Republicans and has been working on fiscal policy for decades.

The jump of nearly 500 points by midday Tuesday follows a month of impressive market gains sparked by surprisingly good results from vaccine developers in the U.S. and U.K., offering hope that a deadly pandemic that has devastated economies around the world could finally be coming to an end.

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