Wall Street opened higher on Tuesday when the formal go-ahead for President-elect Joe Biden’s transition to the White House ended weeks of political uncertainty, while Tesla rose 3.3% to exceed $ 500 billion in capitalization. market for the first time.
At 10 a.m. ET, the Dow Jones Industrial Average was up 350 points, or 1.15%, to 29,933.02. The S&P 500 rose 29.95 points, or 0.84%, to 3,607.54, while the Nasdaq Composite gained 29.66 points, or 0.25%, to 11,910.30.
However, outgoing President Donald Trump has yet to admit his electoral defeat, but on Monday night, his administration authorized a transition, clearing the way for Biden to have access to funds, office space and the ability to meet with officials. federal.
Briefing.com analyst Patrick O’Hare recognized the events in Washington as “another excuse” for the market to rebound in a week shortened by holidays, during a period when positive momentum is driving a trend of “fear of missing out. “.
The shares also rose on Monday following an upbeat announcement of the coronavirus vaccine by British drug group AstraZeneca and the University of Oxford, as well as news that Biden will appoint former Federal Reserve chair Janet Yellen. , as Secretary of the Treasury.
Those positive developments helped offset concerns about rising Covid-19 cases that are generating new restrictions in California, Nevada, and other states.
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