U.S. stocks rallied Tuesday and the blue-chip index captured a psychological milestone as investors cheered progress toward a smooth transition of power in the White House. The Dow Jones Industrial Average DJIA, +1.53% added 455 points, 1.5%, to close near 30,046, according to preliminary estimates, while the S&P 500 SPX, +1.61% gained 58 points, 1.6%, ending near 3,635. The Nasdaq Composite index COMP, +1.31% was up 156 points, 1.3%, finishing near 12,037.
Markets are looking past what's likely to be a difficult period as the coronavirus ramps up and anticipating stronger growth in 2021. Travel stocks like American Airlines Group Inc. AAL, +9.29% and United Airlines Holding Inc. UAL, +9.84% were among the S&P 500's biggest gainers on Tuesday. But a reading of consumer confidence released Tuesday morning was weaker than economists had expected, and suggested households may retreat, rather than spend, this winter.
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If Biden is the reason for a market spike, then maybe it isn't so bad that he's president elect.
Traders de pacotille, its because Trump won, 32K ahead