Whisper it, but it seems like 2020 has potentially turned a corner. First Joe Biden’s victory, then the rush of vaccine updates and now a record 30,000 close for the Dow Jones.
After climbing more than 450 points on Tuesday following confirmation that Biden can start the formal transition process, the Dow finished at 30,046, just about hefting itself above that landmark level.
That record does perhaps mask the violent nature of the pandemic Stateside, where daily cases are approaching 200,000 – Texas alone recently added 14,000 in the space of 24 hours – and total deaths now sit at 259,000. It is going to take a hell of a nationwide strategy to get that under control, and that’s at its present levels – god knows where it will be when Biden takes over from Trump, who seems to have completely checked out from managing the virus since his election loss.
Celebrating the Dow’s achievement, the European indices pushed forth on Wednesday, even if their gains lacked much excitement.
The FTSE was best off, climbing 0.7% to strike 6,470, a price last seen on June 9th, just as the index started its summer crash. This as the pound was flat against the dollar and down 0.3% against the euro, uneasily waiting for a Brexit deal to materialise from this final round of negotiations.
As for the Eurozone, a 0.3% increase for the DAX sent it to 13,325, while a half a percent jump from the CAC put it at 5,580.
The Dow Jones itself is looking at a quiet start this afternoon – though who can blame it following its recent exertions. In the final session before Thanksgiving, the second look at the US Q3 GDP reading might end up as the focus, with 33.1% the number to beat.
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