Dow tops 30,000 points as Trump admin begins transition to Biden

The Dow Jones Industrial Average soared past a major milestone on Tuesday, crossing the 30,000 point mark for the first time ever after President Donald Trump okayed the formal transition of power to the President-elect Joe Biden’s administration.

Shortly after 12:00pm on Wall Street, the 30-share index was up 1.69 percent or 30,092.53.

The broader S&P 500 index – a proxy for the health of retirement and college savings accounts – was up 1.57 percent and the Nasdaq Composite Index was 0.99 percent to the plus side.

On Monday, Trump said the head of the General Services Administration could go ahead with a transition to Biden’s administration.

Trump confirmed his approval with a tweet that also pledged to “keep up the good fight”.

Meanwhile, Biden’s upcoming cabinet is taking shape.The president-elect is reportedly tapping former Federal Reserve Chair Janet Yellen as his treasury secretary – a crucial role always, but especially now given the fragile state of the nation’s economic recovery and fresh financial perils posed by new business-sapping restrictions to curb record-breaking COVID-19 infections and hospitalisations.

To date, the coronavirus has killed 257,671 Americans, according to the Johns Hopkins University.

State and local governments are urging caution before the Thanksgiving holiday. California, Ohio, North Carolina, and New York are imposing new restrictions.

The nation’s economic recovery was already downshifting as nearly $3 trillion in federal government virus relief aid waned and key programmes expired.

Economists have been sounding the alarm, urging more stimulus to help struggling businesses and households as well as state and local governments.

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