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Original title: Milestone! Dow broke 30,000 for the first time in history, Trump appeared in 62 seconds just to “seize power”
The United States stock market marked a new milestone last night!
Dow JonesThe index closed above 30,000 for the first time on TuesdayDespite facing a devastating epidemic, this shocking rally still pushed the stock market to new highs. The Dow Jones Index rose 1.5% to close at 3,046 points, 60% more than its March low. The index was hovering around this level before the index, and it was only a short throw several times, but the breakthrough was successful in the end.
Earlier, President Donald Trump stated that the government will cooperate with the transfer of President-elect Joe Biden, giving investors hope that the United States will have a smooth transition of power. But overall, market gains in recent months have been driven primarily by investor expectations that scientists will soon develop a vaccine that can effectively combat the novel coronavirus.
Reports that Biden is expected to appoint former Fed Chairman Yellen as Secretary of the Treasury also surged in popularity this week. Yellen can change her approach to address growing economic inequality.
“The uncertainty in the elections has eased a bit and the market has responded positively to the news of Yellen’s appointment as Treasury secretary. It’s like a good day when the market has risen a bit,” said Ross Mayfield, analyst at Baird Investment Strategy. “If 2020 is a lesson for us, it is that if we can see the light, the stock market will have an enormous capacity to overcome bad news.”
This time, the Dow passed the 30,000 mark and it has been 218 business days since the previous advance of the 29,000 mark. Although the interval is quite long, considering this year’s epidemic disaster and economic recession, it is still extraordinary to achieve this feat. Is not easy.
Ryan Detrick, Chief Market Strategist at LPL Financial, said: “This reminds us once again how much the stock market and the economy have recovered from the low point in March. Although 30,000 points and 29,999 points are actually the same, there is still a big milestone. Something special. “
The Dow and its cyclical stocks have soared 13% since Halloween, and the monthly increase is expected to be the highest since 1987. The rise in the Dow Jones reflects significant industry turnover in the market in November. As people’s optimism about the economic restart has risen, sectors like energy and banks that were previously restricted by stay-at-home orders have risen again.
Dennis Debusschere, Head of Portfolio Strategy at Evercore ISI, said: “Investors will skip the recent noise and roll out positions for the normalization of the economy next year. Cyclical stocks will continue to rise towards the end of the year, mainly because people are realizes that they are still very important. It is a great company and everything else has changed significantly. “
However, the market rise is not uniform. Despite the recent sharp rise, the Dow Jones Index is up just 5.3% this year, while the S&P 500 and tech stocks are concentrated.NasdaqThe composite index increased 12.5% and 34% respectively.
☆ 62 seconds! Did Trump temporarily hold a press conference at the White House just to “get credit”?
Interestingly, after the Dow hit an all-time high of 30,000 points, US President Trump temporarily hosted a press conference at the White House on Tuesday to celebrate the rising stock market and the progress of the new vaccine. of the crown. The press conference lasted only a minute and he left without answering any questions.
“I want to congratulate everyone,” he said. “In the stock market, the Dow Jones Industrial Average just hit 30,000 points, the highest level in history. We have never exceeded 30,000 before, and this is when the pandemic has caused a disaster.”
Trump called 30,000 points the “sacred number” of the Dow Jones index.“It’s absolutely unbelievable,” he said. Trump also claimed that the progress on vaccines is “absolutely incredible. Medically, such a thing has never happened. I think people are recognizing it and it is having a significant impact.”
Trump rushed up on stage and left at the press conference, ignoring calls from reporters for questions and wondering when he admitted defeat. The media were only notified a few minutes in advance that the press conference would take place. This is Trump’s fifth public appearance since the end of the 20-day election, and his first appearance since he said Monday that he had instructed the General Services Administration to begin the transition process.
Trump has always viewed the stock market as a barometer of his success as president. Since his victory in the 2016 election, he has shown himself every time the stock market rises. His performance on Tuesday really wasn’t enough: Data compiled by the agency showed this was the ninth record for the Dow Jones Index this year and the 118th time in his presidency.
During the Trump campaign, he has repeatedly stated that Biden’s victory will destroy the market and cause an “economic disaster” comparable to the Great Depression of 1929. “If elected, the stock market will collapse,” Trump said in the closing debate. with Biden on October 23.
Since Election Day, Trump has only appeared a few times during which he did not take questions from reporters. He is scheduled to reappear at the Rose Garden late Tuesday afternoon local time, where he and First Lady Melania will host Thanksgiving turkeys there, in keeping with White House tradition.
Prior to this, Emily Murphy, director of the US General Services Administration, notified former Vice President Biden and his team on the 23rd that the Trump administration was ready to officially begin the transition process. Trump confirmed the news on social media that night, saying he would continue to fight to challenge the election results.
☆ Dollar fell and gold hit a four-month low! Fed minutes hits heavy data tonight
As US stocks rallied, market risk appetite heated up and safe-haven assets generally underperformed overnight.
The US dollar weakened again on Tuesday and the ICE US dollar index fell 0.31% to 92.21 and fell to a three-month low of 92.013 on Monday. The index is currently holding above the key technical support level around 92, and analysts say that if it falls below this support level, it will trigger further declines.
Among non-US currencies, the euro was up 0.35% against the US dollar at US $ 1.1884 and the US dollar was up 0.08% against the Japanese yen at 104.56 yen. High-risk currencies performed better. The Australian dollar was up 0.93% against the US dollar in recent trading at $ 0.7354, previously hitting a nearly three-month high of $ 0.7367. The New Zealand dollar hit a high of $ 0.7005 against the US dollar in over two years as investors cut their bets on further relaxation from the Federal Reserve Bank of New Zealand and rose 0.72% to 0 , $ 6,972 in the last trades.
“We have flagged two major risk events, one is that the Trump administration does not allow an orderly handover, and the other is about vaccines … Vaccine news in recent weeks has far exceeded the predictions of most health experts. optimistic. ” Said Edward Moya, senior market analyst at OANDA.
In the precious metals market, international gold prices also fell sharply for the second day in a row on Tuesday. The price of gold fell to the lowest level in four months overnight, as progress on the new crown vaccine and hopes that the White House would begin to transfer power led investors to flock to assets. higher risk.
Spot gold fell 1.5% to $ 1807.95 an ounce and previously hit the lowest level of $ 1800.01 since July 17. David Meger, head of metals trading at High Ridge Futures, said: “The more optimistic sentiment about the economy triggered by the vaccine has caused the gold market to lose some of its safe haven appeal.”
RBC George Gero, managing director of Wealth Management, said: “The game changer is the ability of all vaccines to show good prospects.” He added that in this case, it will take a long time for the price of gold to return to high levels.
Looking ahead, the currency and precious metal markets are expected to usher in more event risk. The Fed will release the minutes of its October meeting at 3 am Beijing time on Thursday, which may provide clues for future action. With the epidemic spreading rapidly, the labor market faces increasing risks and officials can discuss issues such as increasing the scale of asset purchases.
Third in command of the FedWilliams(John Williams) said Tuesday that the Fed’s current bond buying plan is achieving its goals, but the Fed could adjust its parameters if necessary. “Looking ahead, when we look at how the economy develops and the outlook develops, we can consider any adjustments we want to make to these plans,” Williams said. “I think they are serving their purpose well now.”
Recent US economic data shows that after a strong rebound in the third quarter, economic growth has slowed. As the new corona epidemic has worsened in recent weeks, real-time indicators such as credit card spending, restaurant reservations and jobless claims have reflected the downward momentum of economic momentum.
And because the United States will usher in the Thanksgiving holiday tomorrow, a series of blockbuster economic data will also be released in advance tonight.Among them, the revised value of real GDP in the third quarter of the United States, the number of people who claimed unemployment benefits in the week of November 21, the monthly rate of durable goods orders in October, the annual rate of the Core PCE price index in October, the final value of the University of Michigan consumer confidence index in November, Indicators such as the monthly rate of personal spending in October are extremely critical. The quality of the data is expected to directly affect the final direction of the market before Thanksgiving.
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