Asian stock markets opened higher on Tuesday (11/24/2020), following the United States (US) stock exchange, Wall Street. Wall Street closed brightly excited on Tuesday (11/24/2020), after the smooth transition of US President-elect Joe Biden.
Nikkei index in Japan opened up 1.14%, Hang Seng in Hong Kong rose 0.87%, China’s Shanghai Composite grew 0.43% Straits Times Index (STI) at Singapore rose 0.48% and South Korea’s KOSPI appreciated 0.75%.
Turning to the west, the Wall Street stock market closed happily on Tuesday (11/24/2020), after the smooth transition of US President-elect Joe Biden plus the announcement of the Astrazeneca vaccine, which has a good potency above 90%, following Pfizer and Moderna.
Dow Jones flying above 30,000 points
Dow Jones Industrial Average (DJIA) jumped above 30,000 points for the first time when Wall Street hit a new record and ended up rocketing 1.5% at 30,046.24
Meanwhile the S&P 500 also closed 1.62 higher. % to the level of 3,635.41. The Nasdaq Composite Index also rose 1.3% to the level of 12,036.79.
According to AFP, Asian markets investors feel more confident that the US can avoid a constitutional crisis during the transition to power. President Donald Trump, who still has not acknowledged his defeat in the November 3 presidential election, officially allowed the transition on Monday (23/11/2020).
This opens the door for Biden to have access to funds, office space, and the ability to meet with federal officials. Biden also introduced several cabinet names yesterday.
In addition, investors are also ‘happy’ by the announcement of an optimistic coronavirus vaccine by British pharmaceutical company AstraZeneca and the University of Oxford. Including news that Biden will appoint former Federal Reserve chairman Janet Yellen as US Treasury Secretary.
“Yellen is a known and respected face on the international scene,” said a note from High Frequency Economics, adding that the former Fed chairman was not known as a hardline critic of Wall Street.
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