Dow rallies to hit 30,000 milestone on positive COVID vaccine news

The Dow Jones Industrial Average rallied on Tuesday, breaking above 30,000 for the first time ever, as the momentum rally in beaten-down value stocks continued amid positive COVID-19 coronavirus vaccine news.

Vaccine optimism, combined with another solid read on U.S. home prices drove a broad market rally led by Dow members General Electric, Bank of America and Boeing. The S&P CoreLogic Case-Shiller index report for September showed home prices rose 6.6% year-over-year, making for their biggest annual increase since April 2018.

stock chartCNBC:

The 30-stock Dow advanced 512 points, or 1.7%. At its high of the day, it traded at 30,116.51.

Meanwhile, the S&P 500 climbed 1.5%, putting it on pace for a record closing high, and the Nasdaq Composite advanced 1%.The small-cap Russell 2000 also hit an all-time high.

Tuesday’s gains put the Dow up more than 13% for the month, which would be its biggest monthly gain since 1987. The S&P 500 and Nasdaq are up 11.2% and 10.1%, respectively, in November. It would be the Nasdaq’s and S&P 500′s best monthly performances since April.

AstraZeneca said Monday interim analysis showed its vaccine has an average efficacy of 70%. Earlier this month, Pfizer and BioNTech also posted strong vaccine data along with Moderna.

MacDailyNews Take: Hopefully the COVID vaccines will arrive on a widespread basis even more quickly than many thought possible earlier this year as the U.S.’s Operation Warp Speed accelerates the development and, importantly, the manufacture of millions upon millions of doses by funding steps to proceed simultaneously versus the usual, significantly slower sequential process.

36 Comments

  1. Funny the vaccine rah-rah-rah here. Probably less than half of Americans will actually get the vaccine. All of those Trumpists and Americanists who have been propagandized into disbelieving science don’t want anything to do with a vaccine, rendering it as an avenue to the eventual wind down of the pandemic moot.

    So keep cheering out of both sides of your mouth folks: rah-rah-rah MAGA and vaccines! You can’t cheer both on at once and remain credible.

    1. I was thinking along the same lines. Also, the other spin for the stock market rise that I have read – a spin which MDN would NEVER acknowledge – is the news of the Biden administration start of their governmental transition which promises a return of American patriotic ideals devoid of fascist overtones expressed by the previous administration. (Yeah, sue me!)

      1. Yes, as One, let us turn our face towards the new era of Equity, vs Equality. This is the new American ideal and veery, veery patriotic, Michael. We will exceed the “overtones” you mentioned…the implications will be grand, rich and real.

        Please don’t think too much about it…just let the notion of Equity for all wash over you. It’s a beautiful rose color, with a very deep history.

      2. Michael, how in the HL can you equate patriotism with diminishing our sovereignty through wholesale intellectual, technological and financial depletion, via the kind of relationship that’s to resume with China?

        China wants to rule the World and the crew coming in enabled their aim previously and there’s absolutely no reason to believe that will change.

        You may want to modify your definition of “patriotism.”

        1. Ronner, I appreciate your question. I really do since it gives me an opportunity to defend my opinions.

          As General James Mattis recently remarked, “The Nazi slogan for destroying us … was ‘Divide and Conquer.’ Our American answer is ‘In Union there is Strength.”

          Mattis went on to opine, “Donald Trump is the first president in my lifetime who does not try to unite the American people – does not even pretend to try. Instead he tries to divide us. We are witnessing the consequences of three years of this deliberate effort.”

          Americans, historically, hate to loose at anything. You know that. But patriotic Americans realize that the unification of diversity towards a common goal is the surest way to win.

          You are concerned that China presents a ‘clear and present’ danger to our American way of life. And you assume that the Biden Administration will aid in China’s strategic goals in assuming a dominate position in the world – both militarily, politically and financially.

          A logical extension of that belief is an assumption that the majority of Democrats or Liberals are unpatriotic. IMO, that belief only aids in dividing Americans. And the belief that Biden is a tool of China due to some deep family financial ‘obligation’ to a Chinese business firm is – if true – at best, only applies to a single obligation to one Chinese firm; not to the Chinese government or their national interests over American interests.

          I assume since you responded to my comment on this Apple centric site that you are invested – as a consumer – in the Apple ecosystem. You probably wrote your comment on an Apple device – just as I did. And like you, I am heavily invested in the Apple ecosystem.

          Here is the kicker. If you were so invested in a belief that American interests are best served by severe Chinese trade or intellectual restrictions (thru immigration policies) then it stands to reason that American firms should curtail or divest themselves of Chines interests. Which means, of course, Apple should get out of China – but stay in Taiwan, of course. Grin (sorry, I couldn’t resist).

          But as you know, It is no secret that under the Trump administration, Apple did NOT suffer any Chinese tariff financial hardships.

          No, the only way Americans can remain competitive in the world is to invest in technology, schools, infrastructure, and quite frankly, invest in a belief in each other and in common patriotic American ideals and beliefs again.

          Trump sought to divide Americans, mainly on the basis of race and secondly thru the “old chestnut” of class structure based upon income levels.

          IMO, it was about time that our Country is free of Trump’s “leadership”. We will get along just fine without him.

          1. To the point…

            Yes, China is a danger. No person in 6 decades has put a foot down to their sneak and steal…including the previous admin with VP Biden.

            The proof is tangible and not concealed. I knew it before, but after reading the book, I became aware of how serious it is and how close they are to their goals. The author isn’t some researcher writing from other’s books/memoirs.

            I’ll suggest you take a look: The Hundred Year Marathon

            I know, Trump is problematic.

          1. Capitalism isn’t my focus….but yes, “we” (corps, consumers, globalists) couldn’t help ourselves from what China offered in re: to cheap wages, cheap goods, being carrier of our debt and a huge workforce. With that said, Capitalism happens to be the reason we opened up to China for “liberalization-sake.” Conversely, it was the medium that allowed China to sneak and steal as they have since Nixon first opened the door. Nixon was heralding as a diplomatic wonder for opening the relationship, but even then, China had the upper hand and had aims much deeper than free-market involvement.

            The point remains, it’s either greed or ignorance of their aims, that if left unchecked, The US (and the World) will face nightmarish conditions. China hardly treats their own citizens well. Ask some African countries if the China-treats bestowed on them were/are worth it. They are a prime example of a country driven by “whatever the cost–whatever it takes” and that includes tyrannical power where human lives are expendable.

            1. That everything requires checks and balances is quite true.
              We may have also averted (or postponed) wwIII as well.

              Well use of quotes on “liberalization sake”.

  2. Certainly great news for everyone!

    Thank you President Trump for tirelessly working with companies on Project Warp Speed, cheerleading, your incessant optimism in the face of 24/7 tedious condemnation from the opposition and the media. You never wavered, faltered or backed down THE ONE characteristic they fear the most. Countless lives will no doubt be saved in record time thanks to your efforts and ALL those involved in production of vaccine.

    LET THE HATE BEGIN…

  3. It has nothing to do with more vaccine news. It has everything to do with this latest turn in the Election that took place yesterday, where the GSA finally gave Biden the go ahead to get resources and to have official communications with government organizations, long overdue, as a result of the expected certification of the vote in Michigan, and today, Pennsylvania.

        1. Did “the voters” actually determine the outcome of the presidential election?

          Smarter people than you will wait for the courts and, regardless, in the court of public opinion, you’ve already lost.

          Joe Biden = Mr. Illegitimate

    1. The GSA is meaningless. Of course, you probably get your “news” from CNN, so you’re just another uniformed pawn.

    2. It maybe time to start your own news org, Mel…since your are so sure of why the market went up. Maybe call it CNN and the headlines can be consistent with your bias. To establish yourself as the new kid in town, give a call to the established agencies and correct them for mis-reporting the market/virus correlation.

      Btw, you may want to look back about 4 weeks and make the connection to the market jumps and “curiously” how they all link to vaccine announcements. It’s good news to the human mind and the markets jumped WORLD-WIDE each time.

      To actually think that a man with serious mental deficiencies is inspiring the market to leap with confidence is astounding…esp with a WW effect. Sometime a person’s bias just makes their thinking lulu.

  4. The BLOTUS taking credit again for nothing. It has been the pharmaceutical companies that created the vaccines not him in record time. All governments have funded this development and Trump did nothing unusual. It is also a combination of the the GSA initiating the transition process (at least 10 days late) and the good news on the vaccine front that has caused a rise in the stock market.

    1. “Thanks to his economy, the base pay of the lower 25% of wage earners rose by 4.5%, which is unprecedented in recent history (certainly, nothing like this happened under Clinton or Obama). He brought truly unprecedented unemployment to marginalized communities and gave millions and millions of dollars to HBCUs. He freed over 4,000 Black men from prison; men sent to prison because of Joe Biden’s crime bill, the irony of ironies. Had the Democrats not been so totally committed to their loathing of Trump, they could have gotten much more out of him. This is a man who will do literally anything to be praised on cable news.

      There are a number of reasons the mainstream news media refused him that praise even for policies they should have applauded. For starters, the media realized in 2015 that hating on Trump was really, really good for business. TV ratings for CNN and MSNBC went through the roof. With Google Analytics and social media, you know exactly what stories are getting clicks, and the anti-Trump stuff did so well it literally saved the New York Times, which was struggling for its existence.

      This is why Trump’s name appears so often in the Times — every 250 words or so, even in places like the Food section. It’s because of the Times’ digital media business model. Like Facebook, the Times is selling its readers’ emotions to advertisers—literally. Look up “Project Feels.” The more the reader feels, the more likely they are to click on an ad. And just the name Trump makes affluent liberals see red.

      In other words, digital media met an affluent liberal audience desperate to be told that the people they looked down on were evil racists and that we live in a white supremacy. So the New York Times, Vox, MSNBC, and CNN gave them what they wanted. And media companies went from being broke to making bank.

      All of this gets to your really smart point about the Democrats, who are supposed to be the party of the people. There was a time when Democrats represented labor, while the Republicans were all about the rich. We’ve seen a reversal of that under Trump. Trump’s economic agenda was protectionist in nature, and very much geared at the working class. (Like many Scandinavian countries, he coupled this with a big corporate tax cut early on.) Meanwhile the Democrats have doubled down on a thirty-year trajectory of going all in on college-educated voters. . . .

      That’s how you end up with an MSNBC host worth $25 million looking down her nose at a person without a college degree and sneering, “You voted for Trump? You racist!” and feeling like a hero.”

  5. I thought all you ToobinMasturbators out there hated political discourse on a Mac News centric website. What happened? Could it be the same idiots who spent the last 4 years convinced there was election interference, are now saying there’s no way the election could be rigged. #NotMyPresident, #ImpeachTheMotherF’er, #Resist, #8646, #StopTheSteal #MASA

    It’s our turn now 🙂

  6. Oh come, on! MDN’s conflation of the stock market rally to only the positive Covid news, while being willfully blind to the other obvious factor, is ridiculous.

    Here are significant parts of the same story linked to above that were omitted:

    Traders also cheered on Tuesday the increasing political clarity after General Services Administration chief Emily Murphy told President-elect Joe Biden that the Trump administration is making federal resources available for his transition into office.

    Meanwhile, Biden will nominate former Federal Reserve Chair Janet Yellen to be Treasury Secretary. Many view Yellen as a market-friendly pick considering that she oversaw a long economic expansion with historically low-interest rates and she’s likely to push for further fiscal stimulus.

    The New York Times (the news, not the editorial side, for you NYT-haters) sums it more accurately:

    Stocks have been buoyed this month — with the S&P 500 up about 11 percent so far — by a number of factors. Mr. Biden’s clear victory both in the popular vote and the Electoral College, and the Trump campaign’s failed efforts to undermine that result, mean the political uncertainty that had once concerned investors is largely gone. And promising developments in the race for a coronavirus vaccine — with three companies now disclosing successful trials — have investors focusing on the prospect of a return to normal economic growth next year.

    Those growth expectations were bolstered by the news late Monday that Ms. Yellen, the former chair of the Federal Reserve and a proponent of government intervention in the economy, is Mr. Biden’s pick for Treasury secretary.

    Jeez, MDN, you’re getting better at feeding the political trolls than reporting Mac news.

    1. Funny…you sarcastically jab MDN after “taking the high road” as if a non–troll answer to the trolls.
      I love liberals…their logic is a moving target and they don’t see.

      1. If you read sarcasm into the quotation of the omitted parts of the linked article (which provides a fuller context to the reasons why the Dow hit a new high today), you don’t know what sarcasm is. To further demonstrate your keen analytical ability, you seem to infer from my quoting two sources on this topic that I’m a liberal. But, to give you credit, you have definitely placed words in sequence and concluded your text string with a period. Apparently, it has some kind of meaning inside your head.

        1. Because of your lack of keen analytical ability, your assumption had no bearing in my “assumption” (quoting sources). Your assumption supports my comment too…you are unaware of the matters at hand. You are apparently oblivious of the “joy” with your report was the key…to my Dem determination.

          “Stocks buoyed, traders cheered, news bolstered”…maybe you forget; global warming nearly solved….

          Do you need a cold shower?

          1. Let me put it less sarcastically for you: the only person who understands what you are saying is you. You haven’t stated or cited a single fact. You’re talking to yourself.

  7. Yeah, of course the “market” (Wall St) likes Yellen as she’ll continue to enable this market that is dependent on debt. Btw, corp debt is at an ALL TIME HIGH. This was true before the V, but exasperated, thereafter. Zombies galore are awaiting their death. Maybe Yellen will do what the Fed’s been prone to do for decades…to no true long-term benefit?

    It’s wizards like Yellen that enable the dollar’s fall in value.

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