On Monday, a third highly effective vaccine candidate was announced by AstraZeneca PLC (NASDAQ: AZN).
And today, the Dow Jones Industrial Index crossed 30,000 for the first time ever. At writing, it’s up nearly 500 points to 30,080, about 1.6%.
AstraZeneca’s vaccine is up to 90% effective when using a particular dosing method. Pfizer Inc. (NYSE: PFE) and Moderna, Inc. (NASDAQ: MRNA) have each announced vaccine candidates that were more than 90% effective in the preceding weeks.
The Dow Jones represents 30 of the largest and richest companies in the world.
In February, the index rose to all-time highs just shy of 30K. But as the COVID-19 pandemic spread across the globe, it sent shockwaves to the financial markets. The Dow collapsed to a low near 18,200 in March, a 38% decline.
Central banks and governments around the world have come to the rescue. In 2020 nearly $15 trillion in stimulus has been added to global markets.
The stimulus has been well received on Wall Street as the Dow trades at all-time highs.
Widespread vaccine distribution is likely still months away. And long-term damage has likely been done to the job market.
While Wall Street celebrates this milestone, many on Main Street are still feeling and likely to continue to feel the effects of the recession for months to come.
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