Dow crests 30,000 points on vaccine hopes, Biden transition

The Dow Jones Industrial Average broke through 30,000 points Tuesday as investors were encouraged by the latest progress on developing coronavirus vaccines and news that the transition of power to President-elect Joe Biden will finally begin. Traders were also encouraged to see that Biden had selected Janet Yellen, a widely respected former Federal Reserve chair, as treasury secretary. The Dow rose 454 points, or 1.5%, to close at 30,046. The S&P 500, which has a far greater impact on 401(k) accounts than the Dow does, rose 1.6% to its own record high. Treasury yields rose as investors became more optimistic about the economy.