Dow hits record high to close the year

NEW YORK CITY (NBC) – The Dow Jones Industrial Average ended 2020 on a record high after one of the most volatile years in recent memory.

The Dow closed up just shy of 197 points to close at 30,606.48.

Thursday’s move came after a slightly better than expected jobs numbers report.

Analysts expected first-time unemployment claims to rise but they actually fell slightly. But economists say the picture isn’t all rosy. They still expect the next few weeks to be rough on the jobs front.

The slow rollout of the vaccine and increasing COVID numbers are expected to place pressure on the labor market.

Still, after stocks cratered as a result of the coronavirus, the federal reserve shored up markets and stocks rebounded quickly.

Markets continued to hit record highs at the end of the year helped by the development of COVID-19 vaccines and a second round of economic stimulus relief passed by Congress.

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