The Dow Jones Industrial Average traded above 30,000 points for the first time Tuesday.
The crest came as investors were encouraged by the latest progress on developing coronavirus vaccines and news that the transition of power in the U.S. to President-elect Joe Biden will finally begin.
Traders were also encouraged by news that Biden had selected Janet Yellen, a widely respected former Federal Reserve chair, as treasury secretary.
The Dow rose more than 400 points, or 1.4%, to trade just over 30,000 midday Tuesday. The S&P 500 index, which has a far greater impact on 401(k) accounts than the Dow, rose 1.3%.
Shortly after the Dow crested, President Donald Trump delivered remarks at the White House, congratulating his administration and the people of the U.S.
“The stock market has just broken 30,000, never been broken, that number, that’s a sacred number, 30,000. Nobody thought they’d ever see it,” said Trump. “That’s the 9th time since the beginning of 2020 and it’s the 48th time that we’ve broken records during the Trump administration. And I just want to congratulate all the people within the administration that work so hard. And most importantly, I want to congratulate the people of our country, because there are no people like you.”
Like others, Trump attributed the success of the stock market to the promising news that multiple vaccines are proving to be effective and headed for FDA approval.
“Despite everything that’s taken place with the pandemic, I’m very thrilled with what’s happened on the vaccine front,” said Trump. “That’s been absolutely incredible. Nothing like that has ever happened medically and I think people are acknowledging that and it’s having a big effect.”
Trump, who often speaks for long periods of time and has sparred with the media in the past, kept Tuesday’s remarks short and didn’t take questions as reporters asked him why he hasn’t conceded to Biden for the good of the country.
Watch the president’s remarks below: