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Dow 30,000: How the market rally defied a pandemic

November 25, 2020. Summarized by summa-bot.

Markets have reached a new milestone in the middle of a bruising pandemic, another sign that investors have been more than willing to look past short-term pain toward better days ahead.

What's happening: The Dow topped 30,000 points on Tuesday for the first time ever, a symbolic win for the market bulls that have bet risky assets like stocks can keep pushing higher.

Tesla's spectacular stock rise has been one of the biggest market stories of the year.

The electric carmaker's stock climbed more than 6% on Tuesday, putting its total market value above $500 billion for the first time, my CNN Business colleague Clare Duffy reports.

Big picture: Tesla — which has seen shares rally a whopping 564% this year — is now worth more than the combined market value of most of the world's major automakers: Toyota, Volkswagen, General Motors, Ford, Fiat Chrysler and its merger partner PSA Group.

The rapid growth of the Big Three fund managers, driven in part by the rise of dirt-cheap exchange-traded funds, or ETFs, gives them enormous sway over financial markets and the priorities of Corporate America, my CNN Business colleague Matt Egan reports.

BlackRock, State Street and Vanguard have significant investments in a huge swath of S&P 500 companies, according to a paper published this week by the American Economic Liberties Project, a group that launched in February to take aim at what it sees as excessive corporate power.

"The solution is to go straight at the concentration problem by limiting their market share," Graham Steele, who wrote the American Economic Liberties Project paper, told CNN Business.

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