Dow Jones Industrial Average traded above 30,000 for the first time as President-elect Joe Biden formally begins his transition.
Stocks finished higher Tuesday, with the Dow finishing up nearly 455 points, or 1.54%, to 30,046, and set an intraday all-time high of 30,116. The S&P 500 gained 1.62% and the Nasdaq Composite finished up 1.31%.
Reports said Biden would nominate former Federal Reserve Chairwoman Janet Yellen as treasury secretary. Yellen would be the first woman to lead the department. She also was the first woman to serve as Fed chair after her Senate confirmation in 2014. In addition, Treasury Secretary Steven Mnuchin will put $455 billion in unspent Cares Act funding into an account that Yellen will need authorization from Congress to access. Mnuchin plans to place the money into the agency’s General Fund, a Treasury Department spokesperson said Tuesday. That fund can be tapped only with “authority based on congressionally issued legislation,” according to the Treasury’s website.
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