President Trump took credit for the Dow Jones Industrial Average hitting a record 30,000 points on Tuesday, calling it “a sacred number” reached through his administration’s policies, including the development of vaccines for COVID-19.
“We’ve never broken 30,000,” Mr. Trump said at the White House. “And that’s despite everything that’s taken place with the pandemic, I’m very thrilled with what’s happened on the vaccine front. Nothing like that has ever happened medically, and I think people are acknowledging that, and it’s having a big effect.”
The Dow rose 455 points, or 1.5%, to close at 30,046. The S&P 500 index, which has a far greater impact on 401(k) and other retirement accounts than the Dow does, rose 1.6%. Treasury yields rose as investors became more optimistic about the economy.
Investors were encouraged by the latest progress on developing coronavirus vaccines and news that the transition of power to presumptive President-elect Joseph R. Biden will finally begin. Traders were also encouraged to see that Mr. Biden had selected Janet Yellen, a widely respected former Federal Reserve chairwoman, as treasury secretary.
The gains extend a month-long market rally driven by growing optimism that development of coronavirus vaccines and treatments will loosen the pandemic’s stranglehold on the economy. They also mark a rapid climb for the Dow from its March 23 low of just under 18,600 during the worst of its early pandemic nosedive.
“We are one step closer to moving past the election uncertainty,” said Lindsey Bell, chief investment strategist at Ally Invest. “People are still optimistic about what 2021 has to bring, from an economic perspective and an earnings perspective.”
The president said it was the 48th time the stock market has hit a record high during his administration — actually, according to data tallied by Bloomberg, it was the 117th record during his presidency.
“I just want to congratulate all the people within the administration that work so hard,” Mr. Trump said in a brief appearance in the White House press room. “Most importantly, I want to congratulate the people of our country, because there are no people like you.”
He said of the Dow record, “That is a sacred number, 30,000. Nobody thought they’d ever see it.”
Mr. Trump had warned voters at campaign rallies last month that if Mr. Biden won the election, they would suffer a stock market collapse of historic proportions.
“If he’s elected, the stock market will crash,” Mr. Trump said during the final debate with Mr. Biden on Oct. 23. The president pointed to the Democrat’s plans to raise taxes and impose far-reaching regulations on energy development.
⦁ This article is based in part on wire service reports.