P2JW330000-5-A00100-1--------NS ***** WEDNESDAY,NOVEMBER 25,2020~VOL. CCLXXVI NO.125 WSJ.com HHHH $4.00 DJIA 30046.24 À 454.97 1.5% NASDAQ 12036.79 À 1.3% STOXX 600 392.39 À 0.9% 10-YR. TREAS. g 7/32 , yield 0.881% OIL $44.91 À $1.85 GOLD $1,804.80 g $33.00 EURO $1.1894 YEN 104.44 What’s DowEclipses30000 forFirst Time News Milestone comes amid promising developments in the race for a Tuesday 30046.24 30000 BY AKANE OTANI vaccine to combat the global coronavirus pandemic and one day TheDow Jones Industrial after the standoff over the presidential transition ended 29000 Averagevaulted above30000 Business&Finance The Fedsignals forthe firsttime,aremarkable it will do rally that has liftedthe stock Apple's market Federal Reservesaysit U.S. and China report whateverit 28000 market to recordseveninthe value tops $1 trillion. could takeabreak from progressontrade cantohelp he Dowvaulted above raising rates. negotiations. the economy. midst of adevastating pan- T30000 forthe firsttime, demic. rising 1.5%, to 30046.24ina DowJones Industrial Average 27000 Theblue-chip indexrose remarkable rally that has 454.97 points, or 1.5%, to finish lifted the stock market to at 30046.24,aroughly 60% records even in the midst First-time 1,000pt.milestone 26000 climb from itsMarch nadir.It of a devastating pandemic. flirted with the level through- TheS&P 500 rose 1.6% to a outthe morning,coming just newhigh, while the Nasdaq 25000 shyofcrossing it several times added 1.3%. A1,A7, A7A,A7B beforebreaking through. Tuesday’sadvance came af- GE warned employees 24000 terPresident Trump said his that morejob cutsare com- –19% administration would cooper- ing to the conglomerate’s atewith President-elect JoeBi- jet-engine businessbecause 23000 den’stransition to the White of the pandemic’simpact House,giving investorshope on commercial air travel. B1 Dowcloses above 20000 General Electric,a U.S.-China WHO declares Salesforce, forthe first time on Dowcomponentfor trade tension coronavirus Amgen and that the countrywould be able ViacomCBS is close to a Jan. 25,2017. morethan acentury, is escalates. global health Honeywell 22000 to have asmooth transition of deal to sell Simon &Schus- replaced by Walgreens. emergency. replaceExxon, power. Morebroadly,much of tertoBertelsmann formore Pfizerand the market’srise in recent than $2 billion, atransac- Raytheon. 21000 months has been poweredby tion that would createa building hopes among inves- publishing behemoth. B1 tors that scientistsare on the 20000 brink of pushing out vaccines Best Buy continued ben- effectiveenough to fight the efiting from online sales and About ayear andahalf,betweenmilestones novelcoronavirus. items that support home- 24 107 DAYS 54 DAYS 30 23 8 372 TRADING DAYS 90 DAYS 40 218 DAYS 19000 News of potential vaccines bound customersduring the comes at an important juncture pandemic but warned that 2017 ’18 ’19 ’20 forthe U.S. Thecountryhas re- those gains will taper off. B1 Cumulativepercentage change since –37% ported arecordnumber of cor- Laptop sales, driven by the Dowfirst closedabove 20000 onavirus cases in the past people working and learn- week.The holidays arealso ap- ing from home, helped HP proaching,meaning manypeo- and Dell softeN the impact ple will soon be deciding from lower spending on DJIA whether to travel and gather office equipment. B4 50% indoorswith friends and rela- tives. J.Crew replaced itsCEO af- Thecombination had many terlessthan ayear in the role, investorsgearing up foralong and afew months afterthe and rockypath aheadfor the apparel seller emergedfrom economy. bankruptcy protection with Still, vaccine disclosures newhedge-fund owners. B3 Apple Microsoft Salesforce Visa Nike Walmart UnitedHealth Home Depot Honeywell McDonald's have come this month from Ed Stack is stepping down 278% 236% 232% 150% 150% 126% 108% 99% 84% 80% biotech firm Moderna Inc., as CEO of Dick’s Sporting pharmaceutical companies Goods. He will be succeeded Pfizer Inc.and BioNTech SE, in the post by Lauren Hobart, and AstraZenecaPLC andthe the company’spresident. B7 University of Oxford, giving money managersanew shot of confidence. All three groups World-Wide Caterpillar P&G AmEx Amgen JPMorgan Disney Cisco Boeing Merck J&J 80% 59% 57% 43% 43% 40% 39% 31% 31% 28% have developed vaccines that have shown promise in pro- Biden is moving quickly to tecting people against the cor- take advantageofgovernment onavirus. resourcesfor his transition Although most arestill ex- to the WhiteHouse afterthe pecting some setbacks,includ- PleaseturntopageA7A Trump administration ended Coca-Cola Intel Verizon Travelers DowInc. 3M Goldman Sachs Chevron IBM Walgreens a 16-day stalemateand an- 26% 24% 22% 16% 16% 0% 0% –18% –30% –53% nounced itsintention to begin More coverage on pages A7, cooperating with his team. A1 Source:FactSet Erik Brynildsen and PeterSantilli/THE WALL STREET JOURNAL A7A, A7B Trump has privately sug- gested he knows the battle to overturn the election’sresult is effectively over and has Buy-and-Hold Mantra Fuels Stocks’ Rise begun to turn attention to his next act, adviserssay. A4 The death rate from TheU.S.stock boom has its When there’sacrisis,buy. the U.S. Federal Reserveended much money in less-riskyin- Capital Management,which Covid-19 is falling in the U.S., rootsintactics that fund man- TheDow Jones Industrial apanic that wiped out trillions vestmentslikebonds.Sothey oversees around $1.1 billion in according to infectious-dis- agers, small savers and Robin- Averageclosed above30000 on of dollars in investmentsby arebetting that the market’s assets. Over the past 13 years, ease expertsand biostatis- hood tradersalikehaveapplied Tuesdayfor the firsttime,ex- outlining aplan to counter the momentum will continue, he typically held about afifth ticians,asign of advances tending an eight-month re- pandemic’seconomic stress. whether passively through in- of his firm’sholdingsincash. in treating the disease. A6 By Gunjan Banerji, boundthat has takenmanyan- Themarket appearstobeiN dexfunds or actively with a At the end of October,that fig- TheCDC may soon shorten Akane Otani and alystsbysurprise.The blue- aself-perpetuating upwardspi- buy-on-dips mantra. urewas close to zero. the length of time it recom- Michael Wursthorn chip gaugeadvanced454.97 ral, defying the pandemic and “The real learning lesson This strategypaid off hand- mends a person self-quar- points, or 1.5%, to 30046.24, accompanying economic woes. over the last decade is youjust somely in the past forinvestors antine afterpotential expo- over the past decade: continuing arecent winning Some pessimistssay today’s put your head down, youdon’t who added to shareholdings sure to the coronavirus. A6 Don’t hide from marketsby streak that has put it on track gains will inevitably lowerre- trytotime the market, you around the March 2009 finan- Purdue Pharma pleaded hoarding cash. forthe best month since1987. turns tomorrow.But lowinter- take advantageofweakness,” cial-crisisnadir and during re- guilty to three felonies related Keep hold of your invest- Therun has put the Dowup est ratesmean investorsbig said Dev Kantesaria, amanag- cession scares in 2011, to the marketing and distri- ments, and returns will follow. 62%fromits March low, when and small can’t expect to make ing partner at Valley Forge PleaseturntopageA7A bution of OxyContin, ending the bankrupt firm’sexposure to U.S. government action but Deck the INSIDE leaving other liabilities. A3 Biden Cleared forKey Briefing TheU.S., EU and other do- Halls With norspledged billions in aid to Afghanistan but said dis- As Transition MovesForward bursement would depend on Tons of Decor progressinpeacetalks. A9 iii The Catholic Church in BY ANDREW RESTUCCIA cooperating with his team. protect U.S. interestsassoon as China ordained itsfirst bishop Pandemic holiday AND SABRINA SIDDIQUI TheWhiteHouse granted ap- he takesofficeonJan. 20. sinceBeijing and the Vatican proval on Tuesdaytothe gov- Thebrief includes some of renewed an agreement on decorating starts WASHINGTON—President- ernment’sintelligencearm to the government’smost sensitive episcopal appointments. A9 elect JoeBiden is moving giveMr. Biden the president’s intelligence. Mr.Biden had been early, gets lavish quickly to take advantageof daily intelligencebrief,according blocked from receiving it. The Died: David Dinkins, government resourcesfor his to the Officeofthe Director of timing of Mr.Biden’sfirst brief- 93,New York City’s first BY ANNE MARIE CHAKER transition to the WhiteHouse National Intelligence. Lawmakers PleaseturntopageA4 Black mayor. A10A AND JIM CARLTON JASONGAY afterthe Trump administration of both parties had argued that Coronavirus rewrites ended a16-daystalemate and step wasnecessarytoensurethe Trump looks beyond his four- Fred Stewart wasdisap- declared itsintention to begin president-elect is prepared to year term..................................... A4 NOTICE TO READERS the rules forfamily pointed that he couldn’t throw WSJ.comand WSJmobile aholidayparty as usual this touch football this apps will publish throughout year,hedecided to decorate Thanksgiving. A14 the Thanksgiving holiday. his front yard in Rogers- The Wall Street Journal Ye llen FacesPolitical Storms ville,Mo.,for the firsttime. print edition won’tappear He bought four 6-foot snow- Thursday, but adaily edition meN and an 8-foot Santa, and will be available in WSJiPad In Future Role as TreasuryChief is adding his owntropical and Android apps. theme, including 20 pink fla- mingos in Santacaps plus a4- CONTENTS Personal Journal