Stock markets expanded their gains on Monday after it was revealed that President-elect Joe BidenJoe BidenBiden has nominated Linda Thomas-Greenfield for UN Ambassador: Reports Scranton dedicates « Joe Biden Way » to the honor of President-elect Kasich: Republicans « either in lockstep » or « scared » of Trump MORE planned to nominate Janet YellenJanet Louise YellenThe Hill’s Morning Report – Presented by the UAE Embassy in Washington, DC – Calls Biden prepares for the transition when Biden Ready Cabinet Pick Women to Take on Key Roles in Biden Administration The Hill’s Morning Report – Presented by the United Arab Emirates Embassy in Washington, DC – Pence, Biden leads tug-of-war over pandemic plans MORE as Treasury Secretary.
The Dow Jones Industrial Average closed 328 points, or 1. 1 percent and the S&P 500 rose 20 points, or 0. 6 percent.
Both indices had started the day in positive territory when it was revealed that a third COVID-19 vaccine from AstraZeneca was 90 percent effective.
Yellen, who, if confirmed, will be the first woman to head the Treasury Department, is widely recognized as the Federal Reserve Chairwoman from 2014 to 2018. She was also the first woman in this position.
Markets have remained volatile for the past few weeks and have responded positively to news of COVID-19 vaccines and Biden’s election. However, they have declined as the daily number of cases for COVID-19 has risen, while the prospect of an incentive has become further and further away.
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Joe Biden, Janet Yellen, United States Treasury Department, Democratic Party
World News – US – Stocks jump on news from Yellen as Treasury Department election
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