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Tue Nov 24, 2020, 01:37 PM

Stocks soar on Trump exit - Dow tops 30,000

The Dow Jones Industrial Average rallied on Tuesday, breaking above 30,000 for the first time amid positive vaccine news, hope for a strong economic recovery in 2021 and easing of political uncertainty as the Trump administration approved the start of the presidential transition.

The 30-stock Dow advanced 476 points, or 1.6%. At its high of the day, it traded at 30,116.51. Chevron, JPMorgan Chase and Boeing led the way for the Dow, rising more than 3% each. Meanwhile, the S&P 500 climbed 1.5%, putting it on pace for a record closing high, and the Nasdaq Composite advanced 1%.The small-cap Russell 2000 also hit an all-time high.

Tuesday’s gains put the Dow up more than 13% for the month, which would be its biggest monthly gain since 1987. The S&P 500 and Nasdaq are up 11.2% and 10.1%, respectively, in November. It would be the Nasdaq’s and S&P 500′s best monthly performances since April.

Traders cheered on Tuesday the increasing political clarity after General Services Administration chief Emily Murphy told President-elect Joe Biden that the Trump administration is making federal resources available for his transition into office.


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