Dow Jones exceeds 30,000 for the first time as Biden’s transition points to a more stable future – CBS New York

(CBSNewYork) — The Dow Jones Industrial Average exceeded the 30,000 threshold for the first time on Tuesday. In the morning trading, the Dow rose 400 points. The deal continued into the sparse air until the afternoon. The Dow finished the day at 30,046.24, up almost 455 points. The wider S & P 500 has also moved into record territory, reaching 3,640 at one point and then closing at 3,635.41.

This rise is seen as reflecting the optimistic view of the market in a more stable future. Several different events contribute to that view.

The General Procurement Department has Joe Biden, the presidential election, go through a formal transition process a little later. This will give Mr. Biden access to key funds, office space, confidential information briefings and institutions. President Donald Trump also tweeted his recommendation to move the process forward.

Additional major states have also proved election results after weeks of deliberation. The Michigan Election Commission confirmed the election results on Monday. It formalized President Joe Biden’s victory over President Trump and gave him 16 electoral votes in Michigan. On Tuesday morning, Pennsylvania approved the election and 20 state electoral college votes were officially sent to Biden.

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>> Read: Stimulation Package Update: Politicians Still Can’t Agree on Type of Aid and Spending

Biden has also suggested appointing Janet Yellen, the former chairman of the Federal Reserve Board of Governors and an emeritus professor of economics at UC Berkeley, as Treasury Secretary. If the Senate confirms her, Yellen will be the first woman to do the job. She will lead the Biden administration’s economic response to the coronavirus pandemic, which destroyed the economy and unemployed millions of Americans. Yellen is a well-known commodity on Wall Street and is considered to be the person who supports the government’s actions to boost the economy.

The fourth factor that has raised the Dow to historic heights is the promising news about the forefront of coronavirus vaccines. Three different COVID-19 vaccines have proven to be very effective in late-stage trials. The latest is from AstraZeneca, who said this week that the “AZD1222” vaccine was “very effective” in preventing the disease, showing up to 90% effectiveness in patients. Last week, Pfizer and Moderna reported similarly positive results for vaccines in late-stage trials.

It is important to remember that the stock market is a subset of the economy. And the economy as a whole faces major challenges as it continues to repair the damage caused by this deadly virus. This powerful day on Wall Street suggests that investors are encouraged by the transfer of power and believe that the economy will recover someday.

>> Read: Market strategists warn that “the pain felt on the main street is quite different from what is reflected in the stock market.”

Dow Jones exceeds 30,000 for the first time as Biden’s transition points to a more stable future – CBS New York

Source link Dow Jones exceeds 30,000 for the first time as Biden’s transition points to a more stable future – CBS New York

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