Dow tops 30,000 for the first time ever as Biden transition begins

[BumRushDaShow]

Source: CNN

New York (CNN Business)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. 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.

The latest catalyst: It appears that a formal transition from President Donald Trump to President-elect Joe Biden is finally underway. News came Monday that the General Services Administration is starting the so-called ascertainment process, which allows Trump administration officials to coordinate with the Biden team. And that follows more promising coronavirus vaccine developments on Monday, as well as sources confirming to CNN that former Federal Reserve chair Janet Yellen will be Biden's nominee for Treasury Secretary.

The S&P 500 and Nasdaq were both higher on Tuesday as well. So was the Russell 2000, an index that is home to smaller American companies that are expected to benefit from a rebound in the US economy.

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. Shares of Carnival (CCL), Delta (DAL) and Marriott (MAR) were all higher in early trading. The euphoric trading frenzy for several momentum investments continued as well Tuesday.

Read more: https://www.cnn.com/2020/11/24/investing/dow-stock-market-today-transition-yellen/index.html

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I don't know about any immediate "rebound" coming. We are too much in a hole with the coronavirus.

[IronLionZion]

1. There's a lot of hope placed on Biden and the vaccine

hope it works out. We need those 2 GA senate seats to get some meaningful legislation passed.

[empedocles]

2. My personal bullish indicator on economic prospects, is fox news gold advertisements.

Noted gold ads on fox news this morning, thought it was time to check.

Sure enough, fox gold ads are saying trouble ahead, 'BUY!' I use them as a reverse indicator, because in
the past, things then tend to look good.

Sure enough, gold down $69 in two days, to $1801, now at 12:35p, ET.

[ Gold had a 20 year bear market, ending in 2002. Ads were even more aggressive during the Clinton years - quite bullish times]

[Dow continues upward since Biden calls]

[NCjack]

3. Thank you, Joe. The Dow would have gone much higher IF FU-#45 were gone.

[SWBTATTReg]

4. Good. Sanity has been restored to the markets (well, they were for the most part), but the days of

the Moron inciting w/o evidence moronic stuff to unduly influence things/the markets are over.

[marble falls]

5. That's got to frost Trumpybear's cakes. Of course he'll take credit. If he hadn't finally ...

... faced up to the transition it'd never happened.

[mahatmakanejeeves]

6. You knew there was going to be one of these:

Kevin M. Kruse Retweeted

Also...

Link to tweet

[BumRushDaShow]

7. After Jan. 20, 2021, Twitter can suspend or ban his account

and I truly hope they consider it.