Dow Jones Industrial Average climbs beyond 30000 for the first time

The Dow Jones Industrial Average on Tuesday topped 30,000 for the first time, rising more than 400 points during the morning trade session. The index has been doing exceedingly well in the past several weeks as the U.S. election winds down and several major pharmaceutical companies release promising results about their coronavirus vaccine candidates.

"I just want to congratulate all the people within the administration that work so hard. Most importantly, I want to congratulate the people of our country, because there are no people like you," said President Trump when he delivered remarks about the stock market's incredible morning. He added that for the exchange, 30,000 is a "sacred number."

In February, the index inched nearer to the 30,000 threshold, but dipped dramatically in March to below 19000 as the global coronavirus pandemic wrought and a devastating economic downturn.

Tuesday's record follows President Trump announcing Monday evening that his aides will begin cooperating with Joe Biden's transition team to the White House.