The U.S. stock market rallied to a new all time high on Tuesday with the Dow Jones Industrial Average breaking through 30,000 points for the first time in history. Some in the media are giving credit to Joe Biden. Once again, they are only telling part of the story.
Huge stock market gains
The blue chip index rallied 454 points to a record closing high of 30,046. The S&P 500 jumped 57 points to a new lifetime closing high as well. The Nasdaq rose 156 points.
Investors snapped up stocks hoping the recently announced Covid-19 vaccine will slow the spread of the virus and lead to stronger economic growth next year.
The Dow has rallied nearly 12,000 points, or 65%, from the March low when investors feared the pandemic would push the U.S. economy into a long lasting recession.
Some of the stock market standouts of the week include Tesla. The electric car manufacturer now has a market value of more than half a trillion dollars.
Next month, Tesla will become a member of a benchmark S&P index. The stock has risen more than six-fold this year. With Covid-19 cases still surging and millions of Americans still unemployed, many investors expect to see a sharp pullback in the market in the next few weeks.
Many credit the huge stock market gains to Joe Biden, who was given the official go ahead to start his transition to the White House.
Meanwhile, a Pennsylvania judge has delayed the presidential election certification pending a Republican legal challenge. Rudy Giuliani appeared at a public hearing on Wednesday to review his claims of voter fraud and election irregularities in the state.
Trump attorney Sidney Powell just filed a 104 page bombshell about alleged mass voter fraud in Georgia. It’s clear these investigations are rolling full steam ahead, despite what the mainstream media is telling us. President Trump seems confident that he won the election in a landslide. His legal team is scrambling to make their case in court.