FACT CHECK: Did No Mainstream Media Outlets Cover The Dow Jones Industrial Average’s Performance On Nov. 16?

Trevor Schakohl | Fact Check Reporter

A post shared on Facebook claims no mainstream media outlets covered the Dow Jones Industrial Average hitting its “highest day EVER in history” on Nov. 16.

Verdict: False

Media outlets such as CNN, ABC News, CNBC and CBS News covered the Dow’s performance on Nov. 16.

Fact Check:

Two major U.S. stock market indexes, the Dow and the S&P 500 closed at record closing highs on Nov. 16 after the pharmaceutical company Moderna announced that its COVID-19 vaccine was 94.5% effective at preventing coronavirus infection, Reuters reported. The Dow gained about 471 points, according to The New York Times.

A Nov. 17 Facebook post falsely claims mainstream media outlets did not report on the Dow’s record closing number the previous day, saying in part, “Weird… so the DOW hit it’s (sic) highest day EVER in history yesterday and not one MSM outlet reported on it.”

Multiple major media outlets on Nov. 16 published reports on the stock market increase. For instance, CNN published an article with the headline, “Dow and S&P 500 hit new record highs after Moderna says vaccine is 94.5% effective.” ABC News likewise reported on the record numbers, writing: “Dow closes at a record high for first time since February, recouping its pandemic losses, as hopes build for a vaccine.”

CNBC, CBS News and Fox Business also published similar reports on the Dow’s performance after Moderna announced its success with a COVID-19 vaccine. (RELATED: Did Facebook Remove The Title Of ‘President’ From Donald Trump’s Page?)

The Dow had another significant increase on Tuesday, reaching the milestone of trading above 30,000 points for the first time, The Associated Press reported. The increase came amid optimism about coronavirus vaccine candidates and reports that President-elect Joe Biden would nominate former Federal Reserve chairwoman Janet Yellen to lead the Treasury Department in January, according to CNBC.

Biden became the projected winner of the 2020 presidential election on Nov. 7. The General Services Administration recently informed Biden that it is ready to formally begin the transition process, according to CBS News.

Trevor Schakohl

Fact Check Reporter
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