CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. Today was a historic day on Wall Street — the Dow crossed 30,000 for the first time on record. CNBC.com's Pippa Stevens explains what Dow points are, why they're important, and why 30,000 is such a significant milestone. Plus, CNBC Wealth Editor Robert Frank breaks down how Tesla's meteoric stock performance added billions to Elon Musk's personal fortune, making him richer than Bill Gates, at least on paper.
Dow surges more than 400 points, closes above 30,000 for the first time ever
The Dow Jones Industrial Average rallied on Tuesday, breaking above 30,000 for the first time amid positive vaccine news, hope for a strong economic recovery in 2021 and easing of political uncertainty as the Trump administration approved the start of the presidential transition.
The 30-stock Dow surged 454.97 points, or 1.5%, to close at 30,046.24. At its high of the day, it traded at 30,116.51. Chevron rose 5% to lead the Dow higher. JPMorgan Chase and Goldman Sachs rose 4.6% and 3.8%, respectively.
"This is yet another reminder of how far stocks and the economy have come since the depths of March," said Ryan Detrick, chief market strategist at LPL Financial, about the Dow's milestone. "Although 30,000 isn't much different than 29,999, there is something special about those big milestone numbers."
Tesla co-founder Elon Musk is now the world's second richest person after he leapfrogged Microsoft billionaire Bill Gates, according to the Bloomberg Billionaire Index, which tracks the wealth of the world's 500 richest people.
The 49-year-old entrepreneur, who is also the co-founder of space exploration firm SpaceX, saw his net worth rise by $7.2 billion to $128 billion on Monday as Tesla shares surged days after the news that the electric car company will be admitted to the S&P 500 index in December.
Musk's net worth has risen by $100.3 billion in 2020, marking the largest increase among those on the Bloomberg Billionaire Index. In January, Musk ranked 35th.
After Wall Street digested more positive coronavirus vaccine news and investors grew more optimistic on the reopening trade, CNBC's Jim Cramer on Monday unveiled a list of "return to normalcy" stocks.
"I think you have to buy a couple of these vaccine winners on any weakness, although when it comes to retail, I just say buy some, period, because there's no time to wait for a dip," the "Mad Money" host said.