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Ending the session on 24-11 US time, the Dow Jones exceeded 30,000 points for the first time – Photo: AP
The prospect of the COVID-19 vaccine, as well as the green light from the administration of US President Donald Trump, to begin the process of transfer of power, have helped improve the US stock market, according to Radio. CNN.
At the end of the session on November 24 (US time), the Dow Jones rose 454.97 points (or 1.5%) to 30,046.24 points. So far, the Dow Jones has risen more than 5% in 2020. The Dow Jones Index is an important measure for the entire US financial market.
Along with Dow Jones, other US equity indices also rose strongly. The S&P 500 is up 1.6 percent to close a record 3,635.41 points. The Nasdaq was up 1.3 percent at the close of Nov. 24 to 12,036.79.
“The market is growing thanks to optimism about the next launch of the vaccine, which heralds the possibility of a return to normalcy in 2021,” acknowledged financial analyst Greg McBride of Bankrate.com.
President Donald Trump also spoke in a brief meeting shortly after the news at the end of the US stock market session on Nov. 24, calling it a large number, according to Radio. Fox News.
“This is the 48th time we have broken this record in the Trump administration. And I want to congratulate all the people in the administration for their hard work. And most importantly, I want to congratulate the people of the country. Me because nobody is like you.” – said Trump.
Investors also believe the market has turned bullish in part due to information about the transition between Biden’s team and the White House.
Biden’s election of Ms. Janet Yellen, former president of the United States Federal Reserve (FED), as Finance Minister is also an important factor helping the market flourish. Ms. Yellen is seen as a “market-friendly” person and is expected to move forward with tax policy if appointed.
