道琼斯工业平均指数首次突破30000

2020-11-25 08:13

Dow Jones Industrial Average Crosses 30000 for First Time mIP世界播

道琼斯工业平均指数首次突破30000mIP世界播


暂无mIP世界播


The Dow Jones Industrial Average vaulted above 30000 for the first time, a remarkable rally that has lifted the stock market to records even in the midst of a devastating pandemic. mIP世界播

道琼斯工业股票平均价格指数(Dow Jones Industrial Average)首次突破30000点,即使在一场毁灭性的流行病中,这一引人注目的反弹也将股市推高至创纪录水平。mIP世界播


The blue-chip index rose 1.5% to finish at 30046, a roughly 60% climb from its March nadir. It flirted with the level throughout the morning, coming just shy of crossing it several times before breaking through. mIP世界播

蓝筹股指数上涨1.5%,收于30046点,较3月份的最低点攀升了约60%。整个上午,它都在与水平线调情,在突破之前,有几次差一点就越过了水平线。mIP世界播


Tuesday’s advance came after President Trump said the administration would cooperate with President-elect Joe Biden’s move to the White House, giving investors hope that the country would be able to have a smooth transition of power. But more broadly, much of the market’s rise in recent months has been powered by building hopes among investors that scientists are on the brink of pushing out vaccines effective enough to fight the novel coronavirus. mIP世界播

周二,特朗普总统表示,政府将配合当选总统拜登入主白宫,这给投资者带来了希望,即美国将能够实现平稳的权力交接。但从更广泛的角度来看,近几个月股市的上涨在很大程度上是因为投资者燃起了希望,认为科学家即将推出足以对抗这种新型冠状病毒的疫苗。mIP世界播


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The Dow Jones Industrial Average reached a milestone of 30000. WSJ’s Jason Bellini explains how we got here and what the 30000 figure tells us about the state of the stock market. mIP世界播

道琼斯工业股票平均价格指数(Dow Jones Industrial Average)达到了30000点的里程碑。《华尔街日报》的杰森·贝里尼解释了我们是如何做到这一点的,以及30000这个数字告诉了我们关于股市状况的什么mIP世界播


News of potential vaccines comes at a key juncture for the U.S. The country has reported a record number of coronavirus cases in the past week. The holidays are also approaching, meaning many Americans will soon be deciding whether to travel and gather indoors with friends and relatives. mIP世界播

有关潜在疫苗的消息传出之际,美国正处于一个关键时刻。过去一周,美国报告了创纪录的冠状病毒病例。假期也即将到来,这意味着许多美国人很快就会决定是否去旅行,是否与亲朋好友一起在室内聚会。mIP世界播


The combination had many investors gearing up for a long and rocky path ahead for the economy. mIP世界播

这一组合让许多投资者为经济前方漫长而坎坷的道路做好了准备。mIP世界播


Still, vaccine disclosures have come this month from biotech firm Moderna Inc., pharmaceutical companies Pfizer Inc. and BioNTech SE, and AstraZeneca PLC and the University of Oxford, giving money managers a new shot of confidence. All three groups have developed vaccines that have shown promise in protecting people against the novel coronavirus. mIP世界播

尽管如此,本月生物技术公司Modern na Inc.、制药公司辉瑞(Pfizer Inc.)和BioNTech SE、阿斯利康(AstraZeneca PLC)和牛津大学(University Of Oxford)披露的疫苗信息,给基金经理们注入了新的信心。这三个小组都开发出了疫苗,这些疫苗在保护人们免受新型冠状病毒感染方面表现出了希望。mIP世界播


Although most are still expecting some setbacks, including the potential for some people to refuse to take the vaccine or supply-chain issues that might hinder distributing the vaccine, investors say the overall picture looks better than it did in the spring. mIP世界播

尽管大多数人仍预计会出现一些挫折,包括一些人可能拒绝接种疫苗,或者供应链问题可能会阻碍疫苗的分发,但投资者表示,整体情况看起来比春季要好。mIP世界播


“We’ve been a believer in human ingenuity from the outset,” said Mike Stritch, chief investment officer and national head of investments for BMO Wealth Management. mIP世界播

蒙特利尔银行财富管理公司(BMO Wealth Management)首席投资官兼全国投资主管迈克·斯特里奇(Mike Stritch)表示:“我们从一开始就相信人类的聪明才智。”mIP世界播


“Everyone is betting on some progress this year, and that’s our base case, too,” he said, adding that his firm has this year mostly concentrated clients’ portfolios in shares of large U.S. companies while trimming positions in riskier emerging-market debt and noninvestment grade holdings. mIP世界播

“每个人都在押注今年会取得一些进展,这也是我们的基本情况,”他说,并补充说,他的公司今年主要将客户的投资组合集中在美国大公司的股票上,同时削减了风险较高的新兴市场债券和非投资级债券的头寸。mIP世界播


The market’s comeback from its March low seemed implausible at first. Stocks climbed even as lockdowns aimed at slowing the coronavirus’ spread forced employers to lay off millions of workers, decimating industries from hospitality to retail to entertainment. mIP世界播

市场从3月份的低点反弹,乍一看似乎是不可信的。尽管旨在减缓冠状病毒传播的封锁迫使雇主裁员数百万人,但股市仍在攀升,从酒店业到零售业再到娱乐业,这些行业都遭受重创。mIP世界播


More recently, though, the U.S. economy has shown signs of revival. As some of the most hard-hit states in the early stages of the pandemic ventured out of their lockdowns, a measure of manufacturing and services activity rose for a sixth straight month, data firm IHS Markit said in November. Home sales surged to a new 14-year high in September, buoyed by rock-bottom mortgage rates that drew in buyers. And retail sales data have shown Americans boosting their spending on vehicles, clothing and other goods, an encouraging sign, although overall expenditures have remained below pre-pandemic levels. mIP世界播

不过,最近美国经济出现了复苏迹象。数据公司IHS Markit去年11月表示,随着疫情早期一些受影响最严重的州冒险走出封锁,衡量制造业和服务业活动的一项指标连续第六个月上升。在吸引购房者的极低抵押贷款利率的提振下,9月份房屋销售飙升至14年新高。零售数据显示,美国人增加了在车辆、服装和其他商品上的支出,这是一个令人鼓舞的迹象,尽管总体支出仍低于疫情前的水平。mIP世界播


The economy isn’t out of the woods yet. And the U.S. isn’t clear of the pandemic, either. In the coming months, the U.S. faces multiple threats as millions of students return home from college, families gather for the holidays and flu season progresses. mIP世界播

经济还没有走出困境。美国也不清楚这场大流行。在接下来的几个月里,随着数以百万计的学生从大学回家,家庭欢聚一堂过节,以及流感季节的进展,美国将面临多重威胁。mIP世界播


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Markets have been pushed higher in recent weeks by progress toward a coronavirus vaccine. mIP世界播

最近几周,冠状病毒疫苗的进展推高了市场mIP世界播


It isn’t yet known “how long we will still have to fight with the virus, how serious the overall economic consequences in the longer run will be, what kind of vaccines could be made available to a wide public, and by when,” said Tatjana Puhan, deputy chief investment officer at TOBAM. mIP世界播

Tobam副首席投资官塔贾娜·普汉(Tatjana Puhan)说,目前尚不清楚“我们还将与病毒作斗争多久,从长远来看,总体经济后果会有多严重,什么样的疫苗可以向广大公众提供,以及到什么时候。”mIP世界播


Nevertheless, investors betting on stocks’ comeback say the market’s surge is indicative of several things: faith that front-runners in the race to develop coronavirus vaccines are closer to a final product, confidence that the emergency measures the Federal Reserve put in place this year have stabilized the financial system, and ultimately, hope that the economy will be able to continue its long recovery. President-elect Joe Biden also named a Covid-19 advisory board this month and pledged to spare no effort to stop the pandemic. mIP世界播

然而,押注股市反弹的投资者说,股市的飙升预示着几件事:相信冠状病毒疫苗研发竞赛中的领跑者更接近最终产品,相信美联储(Federal Reserve)今年实施的紧急措施稳定了金融体系,最终希望经济能够继续长期复苏。当选总统拜登本月还任命了新冠肺炎顾问委员会,并承诺将不遗余力地遏制疫情。mIP世界播


The market’s gains haven’t been even. Even with its recent advances, the Dow is up just 5.3% for the year, compared with the S&P 500, which is up 12.5%, and the tech-heavy Nasdaq Composite, which is up 34%. mIP世界播

市场的涨幅并不均衡。尽管最近有所上涨,道琼斯指数今年仅上涨了5.3%,相比之下,标准普尔500指数上涨了12.5%,以科技股为主的纳斯达克综合指数上涨了34%。mIP世界播


The reason for the disparity: technology stocks. mIP世界播

造成这种差距的原因是:科技股。mIP世界播


Much of the market’s rebound since March has been powered by shares of fast-growing companies. Amazon.com Inc., Apple Inc. and Netflix Inc. are each up more than 45% for the year. mIP世界播

自3月份以来,中国股市的反弹在很大程度上是由快速增长的公司股票推动的。亚马逊(Amazon.com Inc.)、苹果(Apple Inc.)和Netflix Inc.今年的涨幅均超过45%。mIP世界播


The gap between the market’s haves and have-nots points to just how split the economic recovery from the pandemic has been, investors said. mIP世界播

投资者说,市场富人和穷人之间的差距表明,经济复苏与疫情之间的分歧有多大。mIP世界播


Many technology firms have enjoyed robust growth throughout a turbulent period for the broader economy, with Amazon reporting record sales for the third quarter thanks to a surge in online shopping and Alphabet posting a rise in digital advertising revenue for the July-through-September period. mIP世界播

在整体经济动荡的整个时期,许多科技公司都享受着强劲的增长,亚马逊(Amazon)报告称,由于网购激增,第三季度销售额创下纪录,Alphabet公布了7月至9月期间数字广告收入的增长。mIP世界播


In contrast, companies in industries that have been hit hard by the losses stemming from the pandemic—such as the airline sector, bricks-and-mortar retail and hospitality—have continued to lag behind the market. American Airlines Inc., for instance, is down 48% for the year, while Macy’s Inc. has fallen 36%. mIP世界播

相比之下,航空业、实体零售业和酒店业等因疫情造成的损失受到沉重打击的行业的公司继续落后于市场。例如,美国航空公司(American Airlines Inc.)今年下跌了48%,梅西百货(Macy‘s Inc.)下跌了36%。mIP世界播


“The indexes on the whole are recovering nicely, but within the underlying sectors, there’s still a significant dispersion between winners and losers,” said Jim Baird, chief investment officer of Plante Moran Financial Advisors. mIP世界播

Plante Moran Financial Advisors首席投资官Jim Baird表示:“整体而言,股指恢复良好,但在基础板块中,赢家和输家之间的差距仍然很大。”mIP世界播


Mr. Baird said his firm, wary of the potential for a pullback in growth stocks, has begun to tilt more of its investments toward areas of the market that haven’t led the rally, such as small-caps, international stocks and value. mIP世界播

贝尔德说,由于担心成长型股票可能出现回调,他的公司已开始将更多投资转向小盘股、国际股票和价值股等尚未引领股市上涨的领域。mIP世界播


“There’s that risk of investors piling into a shortlist of names at almost any price and ignoring the other stocks, other businesses,” Mr. Baird said. mIP世界播

贝尔德说,“投资者可能会不惜一切代价涌入入围名单,而忽视其他股票和其他业务。”mIP世界播


Many investors have been drawn to faster-growing technology companies because they see few other alternatives in an economic environment characterized by low growth, interest rates and inflation, said Brian Levitt, global market strategist at Invesco. The opposite economic scenario typically benefits value stocks. That group often includes retail, energy and financial stocks, many of which trade at low valuations compared with their earnings. mIP世界播

景顺(Invesco)全球市场策略师布莱恩·莱维特(Brian Levitt)表示,许多投资者之所以被增长更快的科技公司吸引,是因为在低增长、低利率和低通胀的经济环境下,他们几乎看不到其他选择。相反的经济情景通常有利于价值型股票。这类股票通常包括零售股、能源股和金融股,其中许多股票的估值与收益相比都很低。mIP世界播


“For investors to look to start thinking about other parts of markets, you need a sustained recovery,” Mr. Levitt said. Right now, the economy is still in its early stages of rebuilding, he added. mIP世界播

莱维特说,“要想让投资者开始考虑市场的其他部分,你需要持续的复苏。”他补充说,目前经济仍处于重建的早期阶段。mIP世界播


What could derail the recovery? mIP世界播

是什么会破坏经济复苏?mIP世界播


Many of the fears that investors had in past years, such as U.S.-China trade tensions or a central-bank policy misstep, seem to have taken a back seat to the pandemic. For now, some investors and analysts say their primary concern is that the coronavirus spreads so much over the winter and spring that states are forced to shut down their economies again, as has been the case throughout parts of Europe. mIP世界播

投资者在过去几年中的许多担忧,比如美中贸易紧张或央行政策失误,似乎已经退居次要地位,而不是大流行。目前,一些投资者和分析人士表示,他们最担心的是冠状病毒在冬季和春季的传播如此之广,以至于各国被迫再次关闭经济,就像欧洲部分地区的情况一样。mIP世界播


Even that risk is difficult to assess, though. mIP世界播

不过,即便是这种风险也很难评估。mIP世界播


“Look at what we’ve gone through over the last six months. The news just changes so rapidly,” Mr. Baird said, adding that he has generally advised his clients to stick to making longer-term investment decisions, instead of trying to trade off the latest headlines. mIP世界播

他说:“看看我们在过去六个月里所经历的一切。新闻变化太快了,“贝尔德说。他补充说,他通常建议客户坚持做较长期的投资决定,而不是试图利用最新的头条新闻。mIP世界播


What brings comfort to many is the general sense that, compared with March, things have improved. mIP世界播

给许多人带来安慰的是一种普遍感觉,即与3月份相比,情况有所改善。mIP世界播


“Hopefully we’ve learned a thing or two,” said Invesco’s Mr. Levitt. “This recovery is going to happen with some fits and starts, but ultimately, I think we’re setting the stage for what will be the start of a long cycle.” mIP世界播

景顺的莱维特说:“希望我们学到了一些东西。”“经济复苏将时断时续,但最终,我认为我们正在为一个漫长周期的开始做好准备。”mIP世界播

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