Optimism over the imminent deployment of a COVID-19 vaccine propelled the Dow Jones Industrial Average above 30,000 for the first time ever on Tuesday, extending a breathtaking rally that’s carried stocks deep into a bull market.

Encouraging developments in the fight against the coronavirus have sent markets on a tear, even as the coronavirus crisis deepens around the world. The Russell 2000 (RUT) index also set a new peak, and the Dow is up over 13% in November — more than 10,000 points higher than the multi-year low it breached in March, when panic over the virus’ spread cratered global markets.

The technology-heavy Nasdaq, which have been beaten down as investors rotate out of “stay at home” stalwarts benefiting from coronavirus-related lockdowns, also posted strong gains. In early dealings, Tesla (TSLA) hit a new record high, and now has a market capitalization north of $500 billion — even before it joins the S&P 500.

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