Dow 30,000: Tech-led market rally defies pandemic battered economy

A market increasingly torn between winners and losers no longer tracks broader economy

The statue of former U.S. President George Washington is seen across from the New York Stock Exchange. © Reuters

KAZUAKI FUJITA, Nikkei senior staff writer, and TATSUYA GOTO, Nikkei staff writer

November 26, 2020 01:55 JST

TOKYO/NEW YORK -- An economy struggling with the coronavirus pandemic did not stop the Dow Jones Industrial Average from powering past 30,000 for the first time, driven by the growing role of tech companies and easy-money policies aimed at mitigating the crisis.

The Dow broke thorough the milestone level on Tuesday. As of Wednesday morning local time, it was down a little more than 100 points.