Tuesday, 24 Nov 2020 09:32 AM MYT
US General Services Administration chief Emily Murphy wrote in a letter to Biden yesterday that he can formally begin the hand-over process. US stocks got an extra boost after reports that Biden plans to nominate former Federal Reserve Chair, Janet Yellen, to become the next Treasury Secretary. On Wall Street, the Dow Jones Industrial Average rose 1.12 per cent, the S&P 500 gained or 0.56 per cent while the Nasdaq Composite added only 0.22 per cent, underperforming as traders rotated away from big tech names.
“Investors are ignoring near-term headwinds, chief among which are surging global Covid infections, and instead looking ahead to next summer,” said PVM analyst Stephen Brennock.