Dow Hits 30,000 as Wall Street Bets on 2021 Bounce

The USD is now stronger

The S&P index also remains higher by around 11 points or 0.30% at 3568.18.

Energy stocks, which were badly hammered this year after Covid-19 led to a sharp slowdown in travel and business activity, have gotten a boost recently from a rebound in the price of oil.

The Dow Jones Industrial Average closed above 30,000 points for the first time Tuesday as progress in the development of coronavirus vaccines and news that the transition of power in the President-elect Joe Biden will finally begin kept investors in a buying mood. "Never been broken, that number", Trump said after briefly discussing promising recent news on several potential coronavirus vaccines.

If the rally holds, November will have been the best month for stocks since 1987.

USA stocks climbed Monday after promising results on a Covid-19 vaccine bolstered hopes for an economic rebound in 2021. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.

Roughly 73% of the stocks in the S&P 500 rose.

Stocks hit record highs on Tuesday while bitcoin and oil prices also rose as political uncertainty subsided.

The University of Oxford and AstraZeneca said their vaccine was found to be as much as 90% effective in preventing infections, depending on the dosage given, without serious side effects.

"That's a sacred number, 30,000, and nobody thought they'd ever see it", the president said, referring to the Dow Industrial Average's new record-breaking milestone-a figure that obscures the widespread material suffering tens of millions of Americans are experiencing in the midst of the worsening coronavirus pandemic. Shares of Carnival gained 5%, while Royal Caribbean Group shares rose 4.7%.

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Word that Biden has chosen Yellen as treasury secretary also added to investors' confidence.

Emerging market stocks rose 0.93% while MSCI's gauge of stocks across the globe gained 0.36%.

The U.S. dollar index touched its lowest since September 1 before edging higher, even as it weakened against the British pound - and despite the dovish Yellen news.

The Japanese yen was flat versus the greenback at 104.56 per dollar, while Britain's pound was last trading at $1.3357, up 0.26% on the day.

Spot gold fell 0.5% to $1,825.99 per ounce by 0545 GMT, having earlier slid to its lowest since July 21 at $1,820.45. Spot gold fell sharply and is now down -1.81% at $1837.

Overseas, the pan-continental Stoxx Europe 600 rose 0.7%.

Long-end Treasury yields extended their rise, further steepening the USA yield curve, as investors rushed to riskier investments. Treasury Secretary Steven Mnuchin decided last week that the programs would cease the purchase of loans or assets at the end of the year, declining an extension that had been sought by the Fed.

The 30-year bond yield was last at 1.5954%, from 1.563% and the 2-year note was last yielding 0.1641%, from 0.169%.

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