New York, Nov 24, 2020, SPA — The Dow Jones Industrial Average breached the 30,000-mark for the first time on Tuesday, as optimism that COVID-19 vaccines will open the way to economic recovery next year fueled Wall Street’s rebound from a pandemic-driven crash this year, Reuters reported.
Global stock markets sank in February and March as the novel coronavirus spread across Europe and the United States, abruptly halting a bull run that dates back to the aftermath of the 2008 financial crisis.
The technology-heavy Nasdaq is trading just around 12,000 points after crossing 10,000 for the first time in June, while the S&P 500 has soared 65% since crashing to a more-than-three-year low in March.
For the blue-chip Dow, the journey to 30,000 from the 20,000-mark took less than four years, a much faster climb than the previous 10,000-point clamber, which took nearly two decades.
The rise from 29,000 to 30,000 took the Dow about 10 months.
Source: Saudi Press Agency