https://www.theguardian.com/business/2020/nov/24/dow-jones-hits-record-highThe Dow Jones Industrial Average has topped the 30,000 mark for the first time as financial markets around the world rally amid hopes for a coronavirus vaccine and smooth transition to a Joe Biden presidency.
The landmark for the Wall Street market comes as investors bet rapid medical advances will bring the Covid outbreak to an earlier end than feared, paving the way for a swift economic rebound next year as business activity returns closer to normal and tough government restrictions are relaxed.
The mood of optimism spread across the world on Wednesday with stocks in Asia gaining 0.45%. In Japan, the Nikkei rose 1.7% to a new 29-year high. The FTSE100 is due to open up 0.4% in London on Wednesday morning.
The rally also comes after the US General Services Administration (GSA) declared Biden the apparent winner of the US election, clearing the way for the formal transition from Donald Trump’s administration to begin, ending weeks of uncertainty and delay.
https://www.theguardian.com/business/live/2020/nov/25/global-markets-record-highs-dow-30000-ftse-oil-business-live?page=with:block-5fbdffc48f08850ef86c5e51#block-5fbdffc48f08850ef86c5e51Global stock markets have rallied to new all-time highs as investors anticipate a smooth presidential transition in the US, and effective vaccine rollouts in the coming months.
MSCI’s gauge of shares across the globe has hit a new peak, with markets looking forward to better times in 2021.
https://www.theguardian.com/business/live/2020/nov/25/global-markets-record-highs-dow-30000-ftse-oil-business-live?page=with:block-5fbe10428f0872410b29dccf#block-5fbe10428f0872410b29dccfOil highest since March
Vaccine optimism has helped drive the oil price to its highest level since early March.
Brent crude hit a new eight-month high of $48.75 per barrel today, lifted by expectations of stronger demand for energy next year.
This means that Brent crude has surged by around 30% in November alone, following the positive vaccine trial data from Pfizer, Moderna and AstraZeneca.
Jeffrey Halley, senior market analyst at OANDA, said oil was rising “with an orderly Presidential transition in sight, vaccine boosters and expectations that OPEC+ will extend production cuts next week”.