Posted on 11/24/20
| News Source: FOX Business
U.S. equity markets opened sharply higher Tuesday after a report said President-elect Joe Biden has chosen former Federal Reserve Chair Janet Yellen as his would-be Treasury secretary and as home prices grew at their fastest pace in over two years.
The Dow Jones Industrial Average hit the key 30,000 level in what is a broad market rally as of mid-morning.
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The S&P 500 and the Nasdaq Composite were up 0.9% and 0.3%, respectively. The early gains come after the major averages soared in the final hour of trading on Monday after The Wall Street Journal reported Yellen would be Biden’s pick to head the Treasury Department.
The S&P CoreLogic Case-Shiller index report for September showed home prices rose 6.6% year-over-year, making for their biggest annual increase since April 2018. Prices in Phoenix remained red-hot, growing at an 11.4% annual pace.
Looking at stocks, those tied to the reopening of the economy continued to gain momentum after AstraZeneca on Monday became the third company to announce positive news regarding its COVID-19 vaccine. Read more at FOX Business