Dow 30,000: Stock Market Record Signals Renewed Confidence Despite Hard Times
Read Transcript
- Across the country, the economyis hitting Americans hard,
with 21 million out of work,
and 6.6% of mortgages in delinquency.
The congressional bailout thathas been protecting mortgages
and extending unemploymentruns out at the end of December
and that puts pressure on Congress
to pass another relief package
but investors are looking down the road
and signaling their optimism.
On Tuesday the Dow rosemore than 400 points
to trade over 30,000for the first time ever.
- What completely isa surprise is the fact
that we've had this massive pandemic
that's thrown tens ofmillions of Americans
out of work that saw a34% decline in the market
from mid February to late March
and despite all that themarket has rebounded.
- [Heather] But perhaps evenbetter the S and P 500 index
rose more than 1.5% Tuesdayfor its own record high.
It has a far greater impacton 401k accounts than the Dow.
One factor credited with the rise?
News that several vaccines in development
are showing strong results
and could startdistribution in mid December
- Even though the headlinesare very bad right now
with regard to the coronavirus
and there's concern about what that means
for the economy overthe next several months
investors are looking beyond that.
They're looking to thelikelihood of vaccines
becoming widely available in 2021 and how
that might potentially bringabout a return to normalcy.
- [Heather] President Trump,
who has shunned the media in recent weeks,
returned to the podium to celebrate
and credit the medical progress.
- We've never broken30,000 and that's just,
despite everything that'staken place with the pandemic.
I'm very thrilled with what'shappened on the vaccine front.
- [Heather] Many also believeinvestors are encouraged
to see the presidentialtransition process moving forward
and in particular, Joe Biden selecting
the former Fed Chair, Janet Yellen,
as Secretary of the Treasury.
(bell ringing)
The good news for WallStreet cannot trickle down
fast enough for the manyAmericans who find themselves
in long food lines like this distribution
sponsored by CBN's Operation Blessing,
The Goodness Project and Gateway Church
in Fort worth, Texas last weekend.
- Our community has beenstruggling during this time,
losing jobs, having people laid off.
- [Heather] These families are looking
to get back on theirfeet and with good news
from Wall Street and potentially Congress,
the outlook becomes a little brighter.
Heather Sells CBN News.