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Several positive reports about the covid-19 vaccine and the news that the transfer of power between Donald Trump and Joe Biden has officially begun have fueled the big push, according to Reuters.
The news that Janet Yellen, the former head of the US Federal Reserve, will also be the country’s next finance minister, is also believed to hit Wall Street.
The Dow Jones Industrial Average was up 1.5 percent, the Nasdaq Composite Index was up 1.3 percent and the S&P 500 was up 1.6 percent. America’s stock markets appear to be having their best November since 1980.
At the company level, it was noted a sharp rise for aircraft maker Boeing, which rose 3.3 percent after the company received the go-ahead from European authorities for the 737 Max aircraft type, which it was banned from flying. Other winners were electric car maker Tesla, which was up 6.4 percent, and major bank Citigroup, which was up 6.4 percent.
While the US economy is hit hard by shutdowns and high unemployment in the wake of the spread of the infection, a series of measures to stimulate the economy have helped lift the most important Wall Street index.
Global stock markets plunged this spring as the new corona virus spread across the globe. With a covid-19 vaccine in sight, now there is hope that the world economy can return to a more normal situation in the foreseeable future.
