NEW YORK, New York – U.S. stocks thundered ahead Tuesday, with the Dow Jones making a new milestone – topping the 30,000 mark.
With outgoing U.S. President Donald Trump finally agreeing to a transition to the Biden president, although still not conceding defeat, the market received additional impetus, particularly as Mr Trump continually touted that if Biden was elected the stock market would crash. Instead it has hit new record highs.
Not everyone was impressed with Tuesday’s latest record however.
“Percentage wise, 20 to 30 is only 50%. It’s a nice number to look at, and certainly will attract some retail folks, to say ‘hey, the market’s moving’,” Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey told Reuters Thomson Tuesday. “With that said I think this rally should be exhausting itself.”
At the close on `Tuesday the Dow Jones was ahead 454.97 points or 1.54 percent at 30,046.24.
The Nasdaq Composite added 156.15 points or 1.31 percent to 12,036.79.
The Standard and Poor’s 500 gained 57.82 points or 1.67% percent to 3,635.41.
The U.S. dollar had a sick day, falling against all the major currtencies. The euro strengthened to 1.1888. The British pound was in demand at 1.3356. The Japanese yen inched up to 104.46. The Swiss franc was little changed at 0.9114.
The Canadian dollar rose strongly to 1.3001. The Australian dollar was sharply higher at 0.7359. The New Zealand dollar was consolidating at a near-two-year high at 0.6974.
Overseas equity markets all made strong gains, with the exception of mainland China, which is an oddity as China has the strongest, and fastest recovering economy in the world right now, by far.
In London the FTSE 100 pushed ahead, closing up 1.55 percent. The CAC 40 in Paris gained 1.21 percent. The German Dax rose 1.26 percent.
On Asian markets, the biggest mover was the Japanese market where the benchmark Nikkei 225 index engaged in a major rally, rising 638.22 points or 2.50 percent to 26,165.59.
The Australian All Ordinaries closed 83.50 points or 1.23 percent higher at 6,855.50.
The Hang Seng in Hong Kong gained 102.00 points or 0.39 percent to 26,165.59.
China’s Shanghai Composite, going against the regional trend, shed 11.67 points or 0.34 percent to 3,402.82.