Dow Close to 30,000, Fastest Rebound in 30 Years – The New American

When President Trump learned that Wall Street set another record on Monday, he tweeted: “Stock market getting very close to 30,000 on new vaccine news. 95% effective!”More effective is the signal that benchmark is giving to skeptical investors who are currently holding nearly five trillion dollars in money-market funds. The 30,000 level for the Dow Jones Industrial Average is psychological, giving an “all-clear” signal for them to take positions in equities that are reflecting the remarkable rebound from the COVID shutdowns.And that rebound has been record-shattering. The Dow has risen more than 10 percent since the start of the month, but it is actually a laggard compared to its rivals, the S&P 500 Index (SPX) and the NASDAQ. It took the Dow 193 trading days since its market low in March to set a new high. It took the SPX 126 trading days to accomplish that, while it took the NASDAQ just 76 trading days to recover all of its COVID losses.Since the March lows, the Dow has climbed 60 percent, the SPX is up 62 percent, and the NASDAQ has soared by more than 73 percent.

Source: Dow Close to 30,000, Fastest Rebound in 30 Years – The New American

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