Following the certification of key states’ Election Day results plus the announcement of former Federal Reserve chair Janet Yellen to be the next Treasury secretary, stock markets are heading for record territory this morning.
From the New York Times:
The S&P 500 rose about 1.4 percent, and by late morning was trading above its most recent closing record of 3,626.91, reached on Nov. 16. The Dow Jones industrial average rose to a new high, crossing above the 30,000 mark for the first time.
The gains on Tuesday seemed to reflect optimism about the economy, with shares of economically sensitive companies among the best performers. Oil prices also jumped to levels not seen since early March.
“ ‘Biden wins,’ Trump told a cheering crowd near Reading, PA on Halloween, ‘you’re going to have a stock market collapse the likes of which you never had.’
“That didn’t happen. Instead, the stock market has notched new record highs”
Dow 30,000 today https://t.co/nzvsFpUU6L
— John Harwood (@JohnJHarwood) November 24, 2020