Washington, Nov. 25, (dpa/GNA) – The Dow Jones Industrial Average, a key US stock market index, hit an all-time record high on Tuesday, surpassing 30,000 points, as Wall Street embraces news from the presidential transition and upbeat vaccine developments.
The Dow closed up over 450 points at 30,046, after it topped the historic marker before noon. Meanwhile the broader S&P 500 closed higher by 1.62 per cent. The tech-heavy Nasdaq gained 1.31 per cent.
Wall Street warmly greeted Biden’s appointment of Janet Yellen, a former Federal Reserve chair, to head the Treasury Department. Yellen has been a vocal advocate of more government intervention in the embattled US economy.
The stock surge also came a day after Trump gave the nod to a key federal agency to begin working with the incoming administration of president-elect Joe Biden, even as Trump continues to say that he has not conceded the election.
Stocks have been up in November following news of Biden’s wins and multiple positive late-stage results from vaccine trials.
Shares in technology firms have been out-performers during the pandemic, and there is now a sign of a rotation into value stocks and companies that have been beaten down because of the outbreak, such as cruise lines and real estate.
GNA