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Dow Jones surpasses 30,000 for first time on vaccine optimism, Biden transition Updated: 2020-11-25 10:09:54 KST

Stocks on Wall Street rallied Tuesday amid rising expectations for U.S. President-elect Joe Biden's smooth transition to the White House, along with hopes a COVID-19 vaccine will soon bring an end to the pandemic and open the path for a swift economic rebound.
Investors were also encouraged by news that Biden wants former Federal Reserve Chair Janet Yellen as his treasury secretary.
The Dow Jones Industrial Average jumped over 1.5 percent, hitting 30,45.8-4 at the close, surpassing the 30-thousand mark for the first time in its history.
The S&P 500 climbed some 1.6 percent to more than 3,6-hundred-35, a record-high close.
The tech-heavy NASDAQ rose around 1.3 percent to finish near 12,36.8.
President Trump on Tuesday claimed credit for the rally, calling the benchmark a "sacred number."

"The stock market has just broken 30,000, never been broken, that number. That's a sacred number, 30,000. Nobody thought they'd ever see it. That's the ninth time since the beginning of 2020, and, it's the 48th time that we've broken records in, during the Trump administration."

In South Korea, stocks opened higher Wednesday, also on hopes of an economic recovery amid news about COVID-19 vaccine developments and Wall Street's performance.
The benchmark KOSPI, which has been rising since it closed over the 26-hundred mark for the first time on Monday, is showing no signs of slowing down.
On Tuesday, the KOSPI finished at 2,617.76, a record-high close.
It also opened point-75 percent higher at 2,637.3-4 on Wednesday.
The KOSDAQ opened point-6 percent higher at 8-hundred-77.3-5.
Kim Jae-hee, Arirang News.
Reporter : jhee@arirang.com
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