November 24th – CNBC News Network said on the 23rd that the three major U.S. stock index futures rose on the 23rd as the Trump administration agreed to start the power transition process. The stock index also hit a midday high after former Federal Reserve Chairman Janet Yellen was nominated as the Treasury Secretary, and the market generally believed that Yellen was beneficial to financial markets.
On the 23rd local time, Emily Murphy, the administrator of the U.S. General Administration, said that the General Administration had informed Biden that the Trump administration was ready to start a formal transition process. Trump then tweeted that in the best interests of the United States, he advised Emily and her team to do what needed and told his team to do the same.
Power transition process started by the White House and the good news of vaccines was boosted by the stock market futures trading climbed on the 23rd, Dow futures rose by more than 260 points, and Standard & Poor’s index futures and Nasdaq futures also rose moderately. Investor optimism about vaccines drove the stock market up, with the Dow rising more than 300 points, the largest one-day gain in a week, with the Standard & Poor’s index up 0.6% and the Nasdaq index up 0.2%.
Major stock indices hit intraday highs after news that Biden would nominate former Federal Reserve Chairman Janet Yellen as Treasury Secretary. Observers believe that Yellen is a market-friendly candidate for finance ministers and may launch more fiscal stimulus measures during his term.
“This is a strong signal that Biden will focus on rebuilding the economy rather than pursuing radical regulatory policies,” said Ed Mills, a policy analyst at Reggie Financial Group Washington. Yellen would be someone who offered more financial support, not a partisan chase…it was a positive signal to market development and important for the economy as a whole.