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Dow Jones closes above 30,000 for first time on Biden transition, vaccine hopes Updated: 2020-11-25 17:03:47 KST

Stocks on Wall Street rallied Tuesday on rising expectations for a smooth transition to the White House for U.S. President-elect Joe Biden, and also on news that Biden wants former Federal Reserve Chair Janet Yellen as his treasury secretary.
Investors were also encouraged by hopes that the COVID-19 vaccines in development will bring an end to the pandemic and open the path to a swift economic rebound.
The Dow Jones Industrial Average jumped more than 1.5 percent, to end at about 30,46, the first time it's closed higher than 30-thousand.
The S&P 500 rose by around 1.6 percent to more than 3,635 also a record high.
The tech-heavy NASDAQ rose by around 1.3 percent to finish above 12,36.

"I think people like the cabinet posts we're seeing from Biden. They like the idea that the sort of long period of uncertainty about how much difficulty we'd see an outgoing Trump administration make, I think people like that that's over. I think people like Janet Yellen as an idea for a new treasury secretary."

"They're looking to the likelihood of vaccines becoming widely available in 2021 and how that might potentially bring about a return to normalcy."

President Trump on Tuesday hailed the historic market rally and appeared to take credit for it.

"The stock market has just broken 30-thousand, never been broken, that number. That's a sacred number, 30-thousand. 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 started out higher Wednesday on retail buying, hopes for a vaccine and the record-breaking day on Wall Street.
But both main indices turned negative in the afternoon on net selling by institutions.
The benchmark KOSPI finished at around 2,601, down about point-6 percent.
The KOSDAQ closed point-8 percent lower at around 865.
The KOSPI had closed on Monday above the 26-hundred mark for the first time, and then reached a new all-time high on Tuesday.
Kim Jae-hee, Arirang News.
Reporter : jhee@arirang.com
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