U.S. stock markets opened much higher on Tuesday after a report said Joe Biden’s elected president, Janet Yellen, elected former federal reserve president as his future finance minister, and as house prices have risen at the fastest pace in two years.
The Dow Jones Industrial Average gained 303 points, or 1.03%, in the opening minutes of trading, while the S&P 500 and Nasdaq Composite rose 0.79% and 0.51%, respectively. The early gains come after major averages soared in the last hour of Monday after The Wall Street Journal reported that Yellen would be Biden’s election to head the Treasury.
S&P CoreLogic Case-Shiller reported in September that house prices rose 6.6% year-over-year, the largest annual increase since April 2018. Prices in Phoenix remained red, up 11.4% year-on-year.
In terms of equities, those tied to the restart of the economy continued to gain momentum after AstraZeneca was the third company to announce positive news about COVID-19 vaccination on Monday.
Oil companies Exxon Mobil Corp. and Chevron Corp. continued to trade before the market as West Texas Intermediate crude rose 75 cents a barrel to $ 43.81, the highest since March.
Other stocks linked to the reopening of the economy, including waterway operators and airlines, were also higher.
Shares of Tesla Inc. opened in record territory a day after CEO Elon Musk became the second richest man in the world. Other electric vehicle manufacturers, including Nio and Li Auto, are well on their way.
In terms of profit, Tiffany & Co. said strong Chinese sales and a smaller-than-expected decline in the U.S. resulted in a 1% drop in sales from $ 1.01 billion a year ago, ahead of $ 980.7 million. million, which analysts interviewed by Refinitiv had expected. The company announced that its merger with LVMH, a luxury goods retailer, will be completed in early 2021.
Dick Sporting Goods CEO Ed Stack will step down at the end of January when the executive takes over as president. He is replaced by President Lauren Hobart. The announcement came in addition to the sporting goods retailer’s quarterly results, which show comparable sales increased by a record 23.2% year-over-year.
Best Buy Co. reports comparable sales increased 23% year-over-year, surpassing the expected 14.7% progress amid strong demand for home-based computer products.
The consumer confidence index is displayed at 10 a.m. ET.
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In Europe, STOXX Europe 600 rose 0.62%, while the British FTSE 100, French CAC 40 and German DAX 30 rose at least 1%.
Asian markets mixed with Japan’s Nikkei 225 by 2.5%, Hong Kong’s Hang Seng index slipped 0.39% and China’s Shanghai Composite Index slid 0.34%.