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The Dow Jones was up nearly 400 points, or 1.4%, by mid-morning. The blue chip index hit a new all-time high in the process and was approaching the 30,000 mark.
News came on Monday that the General Service Administration was starting the so-called verification 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 Chairman Janet Yellen will be Biden’s candidate for Secretary of the Treasury.
Oil prices also rebounded, lifting big energy stocks like Western Oil (OXY) and Marathon oil (MRO).
Shares of travel-related companies, such as airlines, cruise lines and hotels, also continued to rebound amid hopes of a more normal economy in 2021. Shares of Carnival (CCL), Delta (OF) and Marriott (MAR) were all higher during the first exchanges.
The euphoric trading frenzy for several dynamic investments also continued on Tuesday.
You’re here (TSLA), which is expected to be added to the S&P 500 next month, has set a new record and is now worth more than $ 500 billion.
Cannabis stocks Dawn (ACB), Tilray (TLRY), Canopy growth (CGC) and Cronos (CRON) also climbed again on Tuesday, extending their stellar run this month, with investors betting that a Biden administration could seek to decriminalize marijuana at the federal level. Several other states have also legalized recreational cannabis.
And the cryptocurrency’s darling bitcoin continued to move closer to a record high. Bitcoin prices hovered around $ 19,400 on Tuesday, just below their high of $ 19,783 in December 2017.
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