Dow hits 30,000 point record high as markets welcome Biden transition – business live
Rolling coverage of the latest economic and financial news
- Latest: London stock market hits five-month closing high
- Dow Jones industrial average hits 30k!
- Wall Street jumps as Biden transition process formally begins
- Bitcoin hits $19,000 as all-time high looms
- Introduction: Joe Biden finally starts formal transition
The Financial Times reports that investors are anticipating that Janet Yellen will be able to push through a new stimulus package to help the US economy.
“Yellen as Treasury secretary is a huge plus for markets,” said Dan Scott, chief investment officer at Vontobel Wealth Management.
“She’s highly competent and she has a long history in basically understanding what monetary policy can do for the recovery, and the limitations of monetary policy,” which should pave the way for further fiscal stimulus, he added.
The Dow Jones Industrial Average has topped the 30,000 mark for the first time as financial markets around the world rally amid hopes for a coronavirus vaccine and smooth transition to a Joe Biden presidency.
The landmark for the Wall Street market comes as investors bet rapid medical advances will bring the Covid outbreak to an earlier end than feared, paving the way for a swift economic rebound next year as business activity returns closer to normal and tough government restrictions are relaxed.