Investing.com - The Dow closed above 30,000 for the first time ever Tuesday as value stocks continued to ride the wave of positive vaccine news and easing uncertainty over the U.S. presidential transition.
The Dow Jones Industrial Average rose 1.54%, or 454 points, and is up more than 60% since its March lows. The S&P 500 was up 1.62%, while the Nasdaq Composite added 1.31%.
Investor hopes for an orderly transition of power were given a boost after the General Services Administration informed President-elect Joe Biden that federal resources will be made available for his transition into the Oval Office.
The news comes as market participants appear to approve of former Federal Reserve Chair Janet Yellen as Biden's Treasury Secretary nominee.
Value stocks – those hitched to the performance of the economy – continued to rack up gains as investor bets on a quick roll out of vaccines, speeding up the reopening of the economy. Pharmaceuticals companies including Pfizer, Moderna, and AstraZeneca have released positive vaccine news over the past three weeks.
Financials, industrials, and energy paved the way for the broader market rally, with the latter closing up more than 5% on rising oil prices.
Oil prices jumped 4% to their highest since the pandemic begun, on optimism over the demand outlook for 2021.
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