Stock market rally pushes Dow Jones to record high of 30,000

• Dow rallies by 450 points to close above 30,000 for first time
• Investors cheer hopes of vaccine and smooth Biden transition

The Dow Jones Industrial Average has topped the 30,000 mark for the first time as financial markets around the world rally amid hopes for a coronavirus vaccine and smooth transition to a Joe Biden presidency.

The landmark for the Wall Street market comes as investors bet rapid medical advances will bring the Covid outbreak to an earlier end than feared, paving the way for a swift economic rebound next year as business activity returns closer to normal and tough government restrictions are relaxed.

What is the FTSE 100?
The FTSE 100 is an index of the 100 largest companies listed on the London Stock Exchange measured by their market value, or capitalisation. The total value of the companies that comprise the FTSE 100, often referred to as blue chip" businesses, currently stands at about two trillion pounds; about 80% of the value of all publicly listed companies in the UK. The FTSE 100 was founded in 1984 as a joint venture between the Financial Times and LSE.