Even with millions of unemployed Americans amid the worst pandemic to hit the US in a century, the Dow Jones Industrial Average has nearly fully recovered from its record-high levels in February.
For the first time since Feb. 20, the Dow Jones closed above 29,000 on Wednesday, finishing the day at 29,100.
The Dow Jones has historically had a 7% growth rate a year, and it’s possible the Dow could still finish the year on track. That comes after the Dow bottomed out in March at 18,591.
While the Dow Jones has seen a recovery, many Americans are still feeling the pinch from the coronavirus. The unemployment rate remains above 10%, which is more than double the pre-pandemic unemployment rate.
The economic news has continued to be dire as major companies, such as MGM and United Airlines are planning on furloughing or laying off employees.
Whether the economic woes on Main Street eventually affect Wall Street remains to be seen, but President Donald Trump took credit on Wednesday for the Dow Jones’ figures.
The Dow Jones Industrial just closed above 29,000! You are so lucky to have me as your President😉With Joe Hiden’ it would crash😧
— Donald J. Trump (@realDonaldTrump) September 2, 2020