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Stocks Soar To Record High As Biden Transition Begins

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Investors have a lot to be thankful for this holiday-shortened week — including the Dow passing the 30,000 milestone for the first time as stocks posted solid gains Tuesday to extend Monday’s rally.

Investors are celebrating the news that a formal transition from President Donald Trump to President-elect Joe Biden is finally underway. The Dow was up more than 400 points, or 1.4%, in late morning trading. The blue chip index hit a new all-time high in the process, finally topping the 30,000 mark for the first time in history.

The euphoric trading frenzy came after the General Services Administration announced that Trump administration officials will coordinate with the Biden transition team. The development also comes after reports that former Federal Reserve chair Janet Yellen will be Biden’s nominee for Treasury Secretary.

Oil prices rallied as well, lifting big energy stocks like Occidental Petroleum (OXY) and Marathon Oil (MRO). Shares of travel related companies, such as airlines, cruise lines and hotels, also continued to rebound due to hopes of a more normal economy in 2021. S