The Dow Jones Industrial Average reaches all time high while waiting for final Joe Biden Stimulus Bill Approval

Markets were buoyed on Tuesday, as news broke that President-elect Joe Biden was planning to nominate former Federal Reserve Chair Janet Yellen as Treasury Secretary.

If selected, Yellen will become the first woman to hold this role and will come after she was the Fed chair during Biden’s stint as Vice President.

Reports of this come after weeks of uncertainty surrounding the outcome of the election, the Trump administration has now officially authorised the Biden transition.

This news saw the Dow Jones rally over 30,000 for the first time in history, seeing the index up over 500 points and 1.70% as of writing.

U.S. Consumer confidence declining 

Data released today showed that consumer confidence in the United States fell in November, as COVID-19 cases rose to new heights.

The figures on the Conference Board’s consumer confidence index dropped to 96.1 this month vs the 98 expected, both are down from October’s reading of 101.4.

Confidence amongst consumers have been down since reading at 132.6 in February, prior to the first peak on the virus outbreak.

Despite the data, U.S. indices rose across the board, with the benchmark S&P 500 up 1.58%. The NASDAQ was also up over 1.2%.

Bitcoin nears new record

The world of cryptocurrencies waits with bated breath as many expect Bitcoin to imminently reach a new all-time high.

BTCUSD has rallied from its lows in March, where it traded below $3,000, to now sitting comfortably above $19,000.

Prices are now creeping up toward the record high of $19,783 which it posted in December 2017, and three years later, many expect prices to not only repeat this high, but potentially reach as high as $25,000.

Quote of the day – “there’s a lot of money out in the world right now”

Michael Turck

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Eliman Dambel

Senior Market Analyst