Dow Surpasses Historic Mark Amid Vaccine News, Biden Transition

The S&P 500 closed at a record-high as well

Jake Scott

Deputy Editor

Nov 24, 2020 at 4:29 PM

It was a historic day for the Dow, as the index surpassed the 30,000 level for the first time ever. The main catalysts for the event was the latest round of positive vaccine news, strengthening investor sentiment surrounding a speedy economic recovery, as well as the Trump administration's approval to begin the transition process for President-elect Joe Biden. In response, the blue-chip index tacked on 455 points notching a record close alongside the S&P 500, while the Nasdaq turned in a nifty win of its own.

Continue reading for more on today's market, including:

Lukewarm holiday predictions dragged ANF away from highs.
Bears are ravaging this sporting goods retailer.
Plus, one spice stock that's heating up; why BURL is a surefire buy; and what HP stock has to look forward to ahead of earnings.

The Dow Jones Industrial Average (DJI - 30,046.24) tacked on 455 points, or 1.5%, and 0.7% for the week. Chevron (CVX) topped this list for a second day in a row, this time gaining 5%. Meanwhile, Amgen (AMGN) paced the laggards, with a 0.8% loss.

Meanwhile, the S&P 500 Index (SPX - 3,635.41) rose 57.8 points, or 1.6%, for the day. The Nasdaq Composite (IXIC - 12,036.79) gained 156.2 points, or 1.3% for the day.

Lastly, the Cboe Volatility Index (VIX - 21.64) fell 1 point, or 4.5% for the day.

President-elect Joe Biden is already rolling out a slew of plans and nominees, and his national security vision is something we haven't seen over the last four years. (CNBC)
Despite the pandemic, Elon Musk has seen his net worth grow by $100 billion this year, solidifying himself as the world's second-richest person. (MarketWatch)
This spice stock looks a whole lot sweeter after a million-dollar acquisition.
Burlington stock looks like a sure bet ahead of earnings.
Can HPQ lock in its fifth-straight earnings beat?

Oil Reaches Highest Level Since March, Gold Dips to 4-Month Low

Oil prices peaked at their highest level since March today, as demand recovery hopes were stoked by hopes toward a third coronavirus vaccine. Additionally, the Trump administration's decision to allow President-elect Joe Biden to transition into the White House bolstered investor sentiment. In response, the new front-month contract, January-dated crude, added $1.85, or 4.3%, to settle at $44.91 a barrel.

Gold prices, meanwhile, dipped to a fourth-month low, threatening to break below the psychological $1,800 level, as investors flocked to riskier assets in response to vaccine optimism and the transition for Biden's team. As a result, December gold fell $33.20, or 1.8%, to settle at $1,804.60 an ounce for the day.

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