Dow hits 30,000 in broad market rally

Traders on the floor (Photo by Spencer Platt/Getty Images)

U.S. equity markets, in a sharp rally, pushed the Dow Jones Industrial Average to a new all-time high surpassing the 30,000 level.

Vaccine optimism, combined with another solid read on U.S. home prices drove a broad market rally led by Dow members General Electric, Bank of America and Boeing.

The rally was also supported by the likely hood that President-elect Joe Biden will formally appoint former Federal Reserve Chair Janet Yellen as his would-be Treasury secretary.

The S&P 500 and the Nasdaq Composite were up 1.5% and 0.9%, respectively.

BREAKING NEWS ALERTS: Download the FOX 35 news app for the breaking news as it happens and more

The S&P CoreLogic Case-Shiller index report for September showed home prices rose 6.6% year-over-year, making for their biggest annual increase since April 2018. Prices in Phoenix remained red-hot, growing at an 11.4% annual pace.

Looking at stocks, those tied to the reopening of the economy continued to gain momentum after AstraZeneca on Monday became the third company to announce positive news regarding its COVID-19 vaccine.

Oil majors Exxon Mobil Corp. and Chevron Corp. rose as West Texas Intermediate crude oil climbed 75 cents to $43.81 a barrel, its highest since March.

Other stocks tied to the reopening of the economy, including cruise operators and airlines, were also higher.

MORE NEWS: DeSantis says no COVID-19 vaccine mandate but some aren't convinced

Tesla Inc. shares were set to open in record territory a day after CEO Elon Musk became the world's second-wealthiest person. Other electric-vehicle makers, including Nio and Li Auto, were also on track for gains.

Looking at earnings, Tiffany & Co. said strong sales in China and a smaller-than-expected decline in the U.S. resulted in revenue falling 1% from a year ago to $1.01 billion, ahead of the $980.7 million that analysts surveyed by Refinitiv were anticipating. The company said its merger with luxury goods retailer LVMH will close in early 2021.

Dick's Sporting Goods CEO Ed Stack will step down from his role at the end of January as he moves into the executive chairman position. He will be replaced by President Lauren Hobart. The announcement came alongside the sporting goods retailer's quarterly results which showed comparable sales grew a record 23.2% year-over-year.

Best Buy Co. reported comparable sales rose 23% year-over-year, topping the 14.7% advance that was expected, amid strong demand for work-from-home computer products.

MORE NEWS: CDC warning that cruising is ‘very risky’ for COVID-19 exposure hits Port Canaveral

The consumer confidence index for November saw a slight dip to 96.1 vs. the 98 expected by economists, however, October was revised higher to 101.4, according to the Conference Board.

Get updates on this story from