Dow Jones breaks 30,000 points for the first time in history

Dow Jones breaks 30,000 points for the first time in history

The Dow Jones Industrial Average breached the 30,000-mark for the first time on Tuesday, US time, as optimism that COVID-19 vaccines will open the way to economic recovery next year fuelled Wall Street’s rebound from a pandemic-driven crash this year.

Global stock markets sank in February and March as the novel coronavirus spread across Europe and the United States, abruptly halting a bull run that dates back to the aftermath of the 2008 financial crisis.

A raft of monetary and fiscal stimulus has powered Wall Street’s main indexes back to record highs.Credit:AP

While US economic activity is reeling from the damage inflicted by lockdowns and employment is at levels last seen in 2015, a raft of monetary and fiscal stimulus has powered Wall Street’s main indexes back to record highs.

The technology-heavy Nasdaq is trading just around 12,000 points after crossing 10,000 for the first time in June, while the S&P 500 has soared 65 per cent since crashing to a more-than-three-year low in March.

For the blue-chip Dow, the journey to 30,000 from the 20,000-mark took less than four years, a much faster climb than the previous 10,000-point clamber, which took nearly two decades. The rise from 29,000 to 30,000 took the Dow about 10 months.

More to come

Reuters

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