Dow Futures leaps as Trump paves the way for a Biden transition

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The minute of the Tuesday market

  • Global equities extend gains, with record highs in Asia, as President-elect Joe Biden’s transition team has access to White House briefings and funding.
  • President Donald Trump vows to continue to “fight” the November election results, but many see the move as the first sign of a formal concession.
  • Media is suggesting that former Fed Chairman Janet Yellen will replace Steve Mnuchin as Treasury Secretary, becoming the first woman in U.S. history to hold the coveted government post.
  • Oil prices extend the recent rally to trade at the highest levels since early March on renewed energy demand following vaccine breakthroughs in the US and Europe.
  • Wall Street futures point to another strong open, with the Dow potentially testing the 30,000 point barrier, ahead of earnings from Best Buy and Dollar Tree.

U.S. equity futures surged on Tuesday, as oil prices hit their highest level since early March, as markets reacted to signals of an electoral loss concession from President Donald Trump and the potential nomination Janet Yellen as Secretary of the Treasury.

Trump, who continues to allege – without evidence – that the November election was riddled with fraud and insisting he should be named the winner, said on Monday evening that President-elect Joe Biden and his new administration will have access funding and safety briefings. and other administration devices that will allow a smoother transition of power on January 20.



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