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The Dow Jones Industrial Average hit a record high of 30,000 on Tuesday, a symbolically significant benchmark in a year that has been whipsawed by the economic fallout of the coronavirus pandemic and a bruising election cycle.

The Dow rose by over 450 points to close the day at 30,045, a record high for the blue-chip index.

The Dow came within a few percentage points of hitting 30,000 back in January, a window of opportunity that seemed to slam shut when the Covid-19 pandemic led to widespread shutdowns, job losses and plunging gross domestic product.

President Trump, who is facing mounting pressure to publicly concede the 2020 election, cheered the stock market rally Tuesday, telling reporters in the White House briefing room he wanted to “congratulate the people of our country because there are no people like you,” and called the Dow’s milestone a “sacred number.”

“There tends to be a bit of psychology and a market sentiment attached to some of those big levels,” said Yung-Yu Ma, chief investment strategist at BMO Wealth Management.

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