The Dow Jones Industrial Average closed above 26,000 for the first time today. It rose from 25,000 to 26,000 in just seven trading days.

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Data: Money.net; Chart: Andrew Witherspoon / Axios

Behind the rally: The Wall Street Journal said stocks are being driven higher by some money managers who had been wary of the bull market but now have "fear of missing out" as stocks keep rising and have started to buy.

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21 mins ago - Health

Trump's testing czar: COVID surge "is real" and not just caused by more tests

Assistant Secretary of Health Adm. Brett Giroir, who leads the federal government's coronavirus testing response, pushed back on Wednesday against President Trump's continued claims that rising coronavirus cases are a product of increased testing.

The big picture: Every available piece of data shows that the pandemic is getting worse again across the country. Hospitalizations are on the rise — and some hospitals are warning that they could soon be overwhelmed — while 13 states set new highs last week for coronavirus infections recorded in a single day.

Cook Political Report moves Texas to "toss up" in presidential race

Photo: Brendan Smialowski/AFP via Getty Images

Cook Political Report moved Texas from "lean Republican" to "toss up" for the 2020 presidential race on Wednesday.

Why it matters: Texas, which has 38 electoral votes, hasn't backed a Democrat for president since 1976. A win for Biden in the historically red state would likely be a knockout blow against Trump.

Dan Primack, author of Pro Rata
25 mins ago - Economy & Business

Joe Biden's private equity plan

Illustration: Sarah Grillo/Axios

We're less than one week away from the election, and hopefully less than one month away from knowing who won the election. In the interim, private equity investors are beginning to contemplate life under a President Biden.

The big picture: Biden would be worse for private equity than President Trump, at least from a structural tax perspective.