Dow jumps 300 points on vaccine hope, hits high of day on news Yellen may be Biden’s Treasury pick
Stocks rose on Monday after AstraZeneca and the University of Oxford said their coronavirus vaccine was up to 90% effective, becoming the third inoculation this month that was revealed to be effective in trial data.
The Dow Jones Industrial Average closed 327.79 points higher, or 1.1%, at 29,591.27. The S&P 500 gained 0.6% to end the day at 3,577.59, and the Nasdaq Composite advanced 0.2% to 11,880.63.
The Dow hit its session high in the final hour of trading amid news that President-elect Joe Biden plans to nominate former Federal Reserve Chair Janet Yellen for Treasury secretary. The Wall Street Journal first reported the pick. CNBC later confirmed the report through sources.
Yellen oversaw a solid economic expansion during her term as Fed chair from 2014 to 2018 in the wake of the financial crisis. During that time, rates remained low, and the S&P 500 rose nearly 60%.
Dow futures rise 150 points as Trump administration begins transition process
Stock futures rose in overnight trading on Monday following a strong session on Wall Street boosted by positive vaccine news.
Futures on the Dow Jones Industrial Average gained 160 points. S&P 500 futures rose 0.4% and Nasdaq 100 futures climbed 0.3%.
Reference: CNBC
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