Nov. 24 (UPI) — The Dow Jones Industrial Average topped the 30,000-point mark for the first time on Tuesday, fueled by certain blue chip stocks and the Trump administration’s clearing the path for the presidential transition.
The Dow rose more than 400 points in early trading Tuesday, a day after the General Services Administration formally ascertained President-elect Joe Biden’s election victory — a key step in the transition process that unlocks millions in federal funds to aid the transfer of power.
By 11:30 a.m., the blue chip index had risen about 440 points.
The Dow had been close to 30,000 a number of times in recent weeks and years but never reached the milestone.
In March, in the early weeks of the coronavirus pandemic, the index closed below 20,000 for the first time since 2017. It closed above 20,000 for the first time in history five days after President Donald Trump was inaugurated almost four years ago.
The Dow’s move also followed growth in shares of Boeing and Chevron on Tuesday and lingering optimism that a COVID-19 vaccine is imminent.
It’s a short trading week on Wall Street due to the Thanksgiving holiday.