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Wall Street traded in record territory as Biden Transition begins; Oil surges
Abstract：US stocks rallied toward records, oil surged past $45 and the dollar fell as the formal start of President-elect Joe Biden’s transition spurred investors into risk assets.
US stocks rallied toward records, oil surged past $45 and the dollar fell as the formal start of President-elect Joe Bidens transition spurred investors into risk assets.
The Dow Jones Industrial Average climbed to 30,000 for the first time, led by a 5% rally in Boeing Co. The S&P 500 jumped more than 1%. Back-to-normal stocks led the gains. Carnival Corp. surged 9%, MGM Resorts International added 7% and Planet Fitness Inc. jumped 8%. The Russell 2000 rose almost 2% and is on track for its best month ever.
Energy companies in the S&P 500 surged 4% after oil topped $45 a barrel in New York for the first time since March 6. Bitcoin rallied past $19,000. The dollar weakened versus major peers and Treasuries slipped. Gold fell toward $1,800 an ounce.
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