With an hour to go before Wall Street opens, financial experts anticipate the Dow Jones Industrial Average to break through the 30,000 point barrier today, testing another all-time high.
It’s a good sign for those who believed America was better off with a new President, and even for those who didn’t believe it when they voted.
Most stocks have been on the rise in a broad market increase since a few days before the election, and with the Fat Lady having sung yesterday on President Trump’s failure to steal the election, investors appear giddy in their willingness to buy in the pre-market session this morning.
Global stocks extended gains, with record highs in Asia, as President Elect Joe Biden’s transition team is granted access to briefings and funding by the White House.
Media reports suggest former Fed Chair Janet Yellen will replace Steve Mnuchin as Treasury Secretary, becoming the first woman in U.S. history to hold the coveted government post. Investors interpret her appointment as indicative of the President elect’s ambitions with respect to stimulus spending.
Oil prices rose to the highest levels since early March.
As drugmakers in the U.S. and Europe are establishing successful coronavirus vaccines heading into the final weeks of the year, stocks look set for another leg higher in the hopes of a return to some form of ‘normal’ in the first quarter of 2021.
UPDATE 4:00 PM: At the closing bell, the Dow Jones settled at 30,046.24 points.
Disclaimer: On January 4, 2016, the owner of WestEastonPA.com began serving on the West Easton Council following an election. Postings and all content found on this website are the opinions of Matthew A. Dees and may not necessarily represent the opinion of the governing body for The Borough of West Easton.