coronavirus vaccines and news that the transition of power in the U.S. to President-elect Joe Biden will finally begin.Traders were also encouraged by news that Biden had selected Janet Yellen, a widely respected former Federal Reserve chair, as treasury secretary.
The Dow rose more than 400 points, or 1.4%, to trade just over 30,000 at midday Tuesday. The S&P 500 index, which has a far greater impact on 401(k) accounts than the Dow, rose 1.3%.The gains extend a monthlong market rally driven by growing optimism that development of coronavirus vaccines and treatments will loosen the pandemic’s stranglehold on the economy.