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Business Nov 25, 2020
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Shares were lifted by relief that President-elect Joe Biden’s transition to the White House is formally underway, and by hopes for an economic rebound in 2021 as effective Covid-19 vaccines are rolled out.
The Dow Jones industrial average closed at 30,046 points, up 1.5% or 455 points, hours after hitting the 30,000 mark for the first time ever.
Strong gains across the market lifted the broader S&P 500 to a new record closing high too. It finished 57 points or 1.6% higher, at 3,635 points.
Energy stocks, financial companies, basic materials producers and industrial firms led the rally — as investors anticipated a growth-friendly stimulus package.
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