The Dow Jones industrial average hit an all-time high of 30,000 points after the US state of Pennsylvania certified Joe Biden’s win in the 2020 presidential election and COVID-19 vaccine hopes increase the risk appetite of investors.
The index on the New York Stock Exchange, which measures the stock value of 30 large companies listed on US markets, reached the landmark around 11.28 GMT (1628 EDT).
Major investment banks such as JPMorgan Chase and Goldman Sachs were among companies each up by more than 3%. IBM and Boeing gained close to 4% each.
The historic feat comes as Pennsylvania certified Joe Biden’s win, putting an end to uncertainty in the race between Biden and US President Donald Trump.
Vaccine developments in recent weeks from Pfizer, BioNTech and Moderna were coupled with positive news from the World Health Organization on Monday that said a “light at the end of the COVID-19 tunnel is growing brighter.”
Biden nominating former Federal Reserve Chair Janet Yellen to be his Treasury Secretary, in addition to strong retail sales expectation for the holiday season caused a US stock rally.
Investors have been moving away from safe assets, such as precious metals, to blue-chip stocks on the Dow with an increased risk appetite amid hopes of a stronger recovery from the US economy.
Gold declined almost 2% below the $1,800 per ounce threshold for the first time since July, while silver fell below $23 an ounce, declining 1.9%.
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