Dow scales 30,000 or the first time in history
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Monday
February 06, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
MONDAY, FEBRUARY 06, 2023
Dow scales 30,000 or the first time in history

Global Economy

Reuters
25 November, 2020, 08:50 am
Last modified: 25 November, 2020, 09:07 am

Related News

  • As roads split in 2022 stocks, one trade made all the difference
  • Inflation, recession and earnings among factors to drive US stocks in 2023
  • Tokyo stocks open higher extending US rallies
  • Markets sigh with relief after Powell speech, but more turbulence likely ahead
  • Trump's 2024 presidential bid is a wrinkle du jour for markets

Dow scales 30,000 or the first time in history

The Dow rose as high as 30,116.51 during the session and the S&P 500 also closed at a record high

Reuters
25 November, 2020, 08:50 am
Last modified: 25 November, 2020, 09:07 am
The New York Stock Exchange (NYSE) is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease (Covid-19) in New York City, US, April 26, 2020/ Reuters
The New York Stock Exchange (NYSE) is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease (Covid-19) in New York City, US, April 26, 2020/ Reuters

US stocks rallied on Tuesday and the Dow breached the 30,000 level for the first time, as investors anticipated a 2021 economic recovery on coronavirus vaccine progress and the formal clearance for President-elect Joe Biden's transition to the White House.

Of the 11 major S&P sectors, 10 gained ground, led by economically sensitive stocks such as financials, materials and energy, while industrials hit a record.

President Donald Trump finally gave the green light for the formal transfer of power to begin on Monday, a process that was delayed for weeks despite Democrat Joe Biden emerging as the clear winner in the US elections. The General Services Administration told Biden he could formally begin the handover process.

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.

Recent data suggesting a Covid-19 vaccine could be available before the end of the year has put the S&P 500 on course for its best monthly performance since April and sparked demand for value-linked stocks that were hammered following the coronavirus-driven crash earlier this year.

"A little bit of decreasing uncertainty on the election front, the market seems pretty favorable on the Yellen announcement, it just seems like one of those good days where all things are moving a little higher," said Ross Mayfield, investment strategy analyst at Baird.

"If 2020 has shown us anything it is that stock markets have a tremendous ability to look past bad news if there is sun on the horizon."

The Dow Jones Industrial Average rose 454.97 points, or 1.54%, to 30,046.24, the S&P 500 gained 57.82 points, or 1.62%, to 3,635.41 and the Nasdaq Composite added 156.15 points, or 1.31%, to 12,036.79.

The Dow rose as high as 30,116.51 during the session and the S&P 500 also closed at a record high. While the 30,000 mark represents a psychological milestone, it means little to professional investors.

US officials said on Tuesday they plan to release 6.4 million Covid-19 vaccine doses nationwide in an initial distribution after the first one is cleared by regulators for emergency use.

Electric-car maker Tesla Inc jumped 6.43% to boost its market value to over $500 billion, as investors lapped up its shares in the run-up to its addition to the S&P 500 index.

Boeing Co gained 3.29% after European regulators gave draft approval to its 737 MAX jets, paving the way for a formal flight clearance in January.

BlackRock Inc, the world's largest asset manager, on Monday upgraded US equities to "overweight," turning bullish on quality large-cap technology companies and small cap firms that tend to perform well during a cyclical upswing.

Still, with coronavirus cases surging by the day and millions of Americans still unemployed, some analysts suggested the US stock market could be prone to a pullback and volatility from record levels in the next few months.

Advancing issues outnumbered declining ones on the NYSE by a 3.16-to-1 ratio; on Nasdaq, a 2.09-to-1 ratio favored advancers.

The S&P 500 posted 56 new 52-week highs and no new lows; the Nasdaq Composite recorded 197 new highs and 12 new lows.

Volume on US exchanges was 14.18 billion shares, compared with the 11.18 billion average for the full session over the last 20 trading days.

Top News / World+Biz

Dow jones industrial average / US Stock Market / US stock / US Stock Index / S&P 500 / Nasdaq Composite

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • GDP growth drops to 7.1% in FY22, per capita income $2,793
    GDP growth drops to 7.1% in FY22, per capita income $2,793
  • Consumers should pay actual costs to get gas, electricity: PM
    Consumers should pay actual costs to get gas, electricity: PM
  • Dr Debapriya Bhattacharya. Illustration: TBS
    Development won't sustain sans political consensus: Debapriya 

MOST VIEWED

  • Jerome Powell, chairman of the US Federal Reserve, speaks during a news conference. Photographer: Al Drago/Bloomberg
    When the Fed's suspected of bluffing, it has a problem
  • Why Pakistan is struggling to get another IMF bailout
    Why Pakistan is struggling to get another IMF bailout
  •  Gautam Adani, center.Photographer: Tomohiro Ohsumi/Bloomberg
    Billionaires from Hong Kong to Arkansas exposed to Adani crash
  • FILE PHOTO: The logo of the Securities and Exchange Board of India (SEBI) is pictured on the premises of its headquarters in Mumbai, India March 1, 2017. REUTERS/Shailesh Andrade/Files
    On Adani row, SEBI says it's committed to ensuring market integrity
  • A broker monitors share prices while trading at a brokerage firm in Mumbai January 15, 2019/ Reuters
    Indian watchdog tells investors markets stable despite Adani rout
  • Demonstrators wait in line after entering the Presidential Secretariat premises, after President Gotabaya Rajapaksa fled, amid the country's economic crisis, in Colombo, Sri Lanka July 10, 2022. File Photo: REUTERS/Dinuka Liyanawatte
    Sri Lanka marks independence anniversary amid economic woes

Related News

  • As roads split in 2022 stocks, one trade made all the difference
  • Inflation, recession and earnings among factors to drive US stocks in 2023
  • Tokyo stocks open higher extending US rallies
  • Markets sigh with relief after Powell speech, but more turbulence likely ahead
  • Trump's 2024 presidential bid is a wrinkle du jour for markets

Features

Say it with Colours

Say it with Colours

15h | Mode
Photo: Courtesy

From 'Made in Bangladesh' to 'Designed in Bangladesh'

17h | Panorama
Google must adjust to a world where content is increasingly generated by AI. Photo: Bloomberg

Google will join the AI wars, pitting LaMDA against ChatGPT

13h | Panorama
The megaproject Rooppur Nuclear Power Plant has a debt of Tk90,474 crore. Photo: Courtesy

Projects funded with debt need to be selected prudently, and implemented timely

15h | Panorama

More Videos from TBS

ICB to withdraw Padma Bank Investment as return

ICB to withdraw Padma Bank Investment as return

7h | TBS Insight
Kiara Advani & Sidharth Malhotra's Wedding Update

Kiara Advani & Sidharth Malhotra's Wedding Update

7h | TBS Entertainment
What you probably didn't know about CR7

What you probably didn't know about CR7

5h | TBS SPORTS
US shoots down Chinese spy balloon

US shoots down Chinese spy balloon

6h | TBS World

Most Read

1
Leepu realised his love for cars from a young age and for the last 40 years, he has transformed, designed and customised hundreds of cars. Photo: Collected
Panorama

'I am not crazy about cars anymore': Nizamuddin Awlia Leepu

2
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo
Economy

IMF approves $4.7 billion loan for Bangladesh, calls for ambitious reforms

3
Fund cut as Dhaka's fast-track transit projects on slow spending lane
Infrastructure

Fund cut as Dhaka's fast-track transit projects on slow spending lane

4
Photo: Collected
Court

Japanese mother gets guardianship of daughters, free to leave country

5
Belal Ahmed new acting chairman of SIBL
Banking

Belal Ahmed new acting chairman of SIBL

6
Photo: Collected
Startups

ShopUp secures $30m debt financing to boost expansion, supply chain

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net