- Formal transition of power to Biden begins
- Dow Jones hit an all-time intraday high
- Biden picks Janet Yellen for Treasury Secretary
US indices are also trading higher in relief over the Trump administration’s move to begin the transition process. Dow Jones rose 1.4%, and hit an all-time intraday high. The S&P 500 added nearly 1.5% and Nasdaq advanced 0.9%. US General Services Administration acknowledged Joe Biden as the apparent winner of the presidential election and President Trump asked the agencies to begin the transition of power, even as he vowed to keep contesting his election defeat. Also investors welcomed the news that Joe Biden will nominate former Federal Reserve Chair Janet Yellen to be Treasury Secretary which is perceived by many as a market-friendly pick taking into consideration that she oversaw a long economic expansion with historically low-interest rates and will probably insist on further fiscal stimulus. Meanwhile ever-increasing number of new coronavirus cases prompted some Wall Street firms including Goldman Sachs and JPMorgan to lower their near-term economic outlook. Yesterday US reported 172,300 new COVID-19 infections and the situation could worsen in the coming days as around 50 million Americans will travel to celebrate the upcoming Thanksgiving Day. The seven-day average of new infections increased more than 10% over the previous week to an all-time high of 176,434.