Dow closes above 30,000 for the first time ever on Biden-transition rally

Dow closes above 30,000 for the first time ever on Biden-transition rally

Getty Images / Scott Olson

US equities jumped on Tuesday after the General Services Administration's ascertainment of President-elect Joe Biden's victory lifted investor sentiments.

The Dow Jones industrial average climbed above 30,000 for the first time, marking a rapid comeback after the index sank as low as 18,213 in March.

The GSA announced Monday afternoon that it would provide the "resources and services" needed to start Biden's transition to the White House. It's the clearest sign yet that the Trump campaign accepted its loss in the 2020 race.

Bitcoin surged above $19,000 for the first time since 2017 and closed in on its all-time high of roughly $19,700.

Oil futures erased most of their pandemic-induced losses and hit their highest levels since March. West Texas Intermediate crude jumped as much as 5%, to $45.20 per barrel.

Watch major indexes update live here.

US stocks jumped on Tuesday as the start of the transition to a Biden administration spurred another rotation to cyclical stocks.The Dow Jones industrial average rose above 30,000 for the first time ever. Boeing led the benchmark index higher, followed by Chevron and JPMorgan. The new record caps a breakneck rebound from the start of the pandemic, when overwhelming bearishness dragged the index as low as 18,213 in March.Here's where US indexes stood at the 4 p.m. ET close on Tuesday:

S&P 500: 3,635.41, up 1.6%

Dow Jones industrial average: 30,046.24, up 1.5% (455 points)

Nasdaq composite: 12,036.79, up 1.3%

Read more: Morningstar's top stock pickers say these are the 10 highest-conviction stocks they recommend a?? and which top fund managers recently piled their money into
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