Economy

Dow Tops 30,000 as Wall Street Bets on 2021 Bounce

Dow Tops 30,000 as Wall Street Bets on 2021 Bounce”

Market participants said they expected US stocks to climb even higher, with a recent Reuters poll showing the S&P 500 is poised to rise 9% between now and the end of 2021.

United States markets will be closed Thursday for the Thanksgiving holiday.

Stocks ended near the previous session record high on Wednesday as Wall Street bumped up against disappointing job market data, while oil continued to rise and the dollar weakened further.

The Dow Jones index topped 30,000 points for the first time ever due to COVID-19 vaccine euphoria and the removal of political uncertainty, after US President Donald Trump authorised a transition of power (without explicitly conceding).

The S&P 500 is up 77.87 points, or 2.2%.

USA markets will be closed on Thursday for the Thanksgiving holiday.

On Wall Street on Tuesday, the Dow Jones Industrial Average rose 1.54% to 30,046.24 while the S&P 500 gained 1.62%, to 3,635.41, also a record high.

The Dow was down 180 points, or 0.6%, to 29,864 as of 3:23 p.m.

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MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.57% lower, with Chinese shares capped by worries about rising debt defaults.

Sentiment this week was also boosted by reports that Biden planned to nominate former Federal Reserve Chair Janet Yellen as Treasury Secretary, which could shift the focus heavily toward efforts to tackle growing economic inequality.

"The possibility of having a vaccine next year increases the odds that we're going to see demand return in the new year", said Phil Flynn, senior analyst at Price Futures Group in Chicago.

Traders continue to favour stocks that stand to gain the most from a gradual reopening of the economy, such as banks and industrial companies.

Other data painted a similarly discouraging economic picture.

On Wednesday, U.S. stocks closed mixed. It was also optimistic about the incoming Biden government. The yield on the benchmark 10-year Treasury held steady at 0.87%.

Nordstrom jumped 14.3% after the department store chain's earnings improved in the third quarter, even as sales missed analysts' forecasts.

In the currency market, risk-sensitive currencies held an upper hand against safe-haven currencies, including the US dollar. They will be open for half a day on Friday, closing at 1pm Eastern Time.



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