Global Market Square
The U.S. and global stock markets hosted a rally that made the Dow Jones surpass 30,000 for the first time in history.
Optimistic investor sentiment is observable even as they rotate their portfolio holdings into industries positioned to grow exponentially more from a sustained economic recovery.
As most of the world indices are higher, we note that the financial and energy sectors are leading the parade. The buoyant market swing that began as it became evident Joe Biden would become president has increased as Michigan, Pennsylvania have confirmed their election results, mixed with the positive effects from three vaccines against Covid-19.
Another critical development was the G.S.A. allowing the formal presidential transition process to begin after weeks of challenges.
Finally, the rumor that President-Elect Biden will appoint former Federal Reserve Chairwoman Janet Yellen as secretary of the Treasury also lifted investor sentiment.
Wall Street summary for November 24, 2020
- The Dow Jones Industrial Average closed at 30,046.24, up 454.97 points, or 1.54%
- The Standard & Poor’s 500 closed at 3,577.59, up 57.83 points, or 1.62%.
- The Nasdaq Composite Index closed at 11,854.97, up 156.15 points, or 1.31%.
- The Birling Puerto Rico Stock Index closed at 1,935.59, up 32.62 points, or 1.71%.
- The U.S. Treasury 10-year note closed up at 0.88%
- The U.S. Treasury 2-year note closed at 0.16%