Dow pushes past record 30,000 points

Good news about the development of COVID-19 vaccines and more certainty about the U.S. election have powered a month of gains on the stock market. The Dow Jones Industrial Average closed on Tuesday at 30,046 points, its highest close on record. Some investors cited President-elect Joe Biden’s announcement that he would nominate Janet Yellen to head the Treasury Department as another reason for the gains. President Donald Trump lauded the improvement at a brief news conference: “That’s a sacred number, 30,000, and nobody thought they’d ever see it.”

Is the economy out of the woods yet? Many states are still putting a damper on economic growth as COVID-19 cases climb across the country. California, New York, and several other states have implemented new lockdowns, which could affect the market down the road.

Dig deeper: Read Jenny Lind Schmitt’s report on the cost of recent lockdowns in Europe.