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Dow crests 30,000 points on vaccine hopes, Biden transition

The Dow Jones Industrial Average closed above 30,000 points for the first time Tuesday as progress in the development of coronavirus vaccines and news that the transition of power in the U.S. to President-elect Joe Biden will finally begin kept investors in a buying mood.

Traders were also encouraged to see that Biden had selected Janet Yellen, a widely respected former Federal Reserve chair, as treasury secretary. The Dow rose more than 450 points, or 1.5%, to cross the milestone. The S&P 500 index, which has a far greater impact on 401(k) accounts than the Dow, rose 1.6%, climbing to its own all-time high.

The gains extend a monthlong market rally driven by growing optimism that development of coronavirus vaccines and treatments will loosen the pandemic’s stranglehold on the economy. They also mark a rapid climb for the Dow from its March 23 low of just under 18,600 during the

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Analysis: Biden GSA letter tries hard to not accept he beat Trump

  • The letter sent by the General Services Administration (GSA) to President-elect Joe Biden authorizing his transition does not say that he won the election. 
  • It’s very different to her predecessor’s letter to then President-elect Barack Obama, which was straightforward and called him “President-elect.”
  • Visit Business Insider’s homepage for more stories.

The letter to authorize President-elect Joe Biden’s transition arrived late Monday — but is an unusual document which strained to avoid acknowledging his victory.

GSA Administrator Emily Murphy wrote to Biden on Monday, 16 tumultuous days after major networks widely called the election for him. (Insider and Decision Desk HQ called the election one day before.)

Her letter was sent after President Donald Trump said he was “recommending” the transition go ahead — although Murphy said that she came to her decision independently.

Murphy’s letter did the same thing as other GSA authorizations — it unlocked funding for Biden and

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Laura Ingraham says Biden won, Trump winning legal challenges unlikely

  • On Monday night, Laura Ingraham told her Fox News show it was highly unlikely that President Donald Trump would win his legal challenges to the 2020 election results and secure a second term.
  • “Unless the legal situation changes in a dramatic, and frankly, an unlikely manner, Joe Biden will be inaugurated on January 20,” Ingraham said. 
  • She added: “If I told you there was an excellent, phenomenal chance that the Supreme Court was going to step in and deliver a victory to President Trump, I would be lying to you.”
  • Ingraham appears to be the first top Fox News pundit to speak so directly about Biden’s win. Major news outlets — including Fox News — called the election for President-elect Joe Biden on November 7.
  • Trump has refused to concede the race. However, on Monday, he allowed his administration to start the transition process to Biden’s team.
  • Visit Business Insider’s
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Joe Biden flexes shiny new .gov address, Twitter very much approves

Everything’s getting more and more official by the day.

Late on Monday, just a few short hours after Donald Trump accepted a formal U.S. presidency transition, “recommending his team do what needs to be done” while continuing to pledge his quest to contest the election result, President-elect Joe Biden took to Twitter to unveil a shiny new web address that contains a subtle flex. 

The site in question is the Biden-Harris team’s transition site, which was launched shortly after the election in order to outline the incoming administration’s priorities while providing news and details of the presidential transition process. It’s a pretty crucial resource, in other words, and yet another part of the transition that’s been hampered by Trump’s stubborn refusal to allow the transfer process to move forwards.

Not anymore, though.

That’s right: dot gov. If you visit the URL’s old .com address it now redirects to

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Corporate America is ready for a Biden presidency

President Trump has yet to concede and many prominent Republicans in Washington aren’t publicly throwing in the towel either. But Corporate America is ready to move on and is preparing for a Joe Biden presidency.



C. Douglas Mcmillon wearing a suit and tie: Walmart President and CEO, Doug McMillon, announced today that Walmart will give hiring preference to military spouses, becoming the largest U.S. company to make such a commitment. This announcement came during a Veterans Day ceremony on Monday, Nov. 12, 2018 in Bentonville, Ark.


© Gareth Patterson/AP
Walmart President and CEO, Doug McMillon, announced today that Walmart will give hiring preference to military spouses, becoming the largest U.S. company to make such a commitment. This announcement came during a Veterans Day ceremony on Monday, Nov. 12, 2018 in Bentonville, Ark.

Executives from several publicly traded companies have acknowledged Biden’s victory and discussed what they expect to see from the new administration during various conference calls over the past few weeks.

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“I want to wrap up by saying congratulations to President-elect Biden,” Walmart CEO Doug McMillon said during the retailer’s earnings call on November 17.

“We look forward to working with the administration and both houses of Congress

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Trump carries on fight to overturn Pennsylvania’s election even as his administration green-lights Biden transition

President Donald Trump’s campaign on Monday took its fight to block Pennsylvania from certifying its election results to a federal appeals court, even as his administration agreed to let government agencies prepare for the transition to Joe Biden’s administration.

Giuliani argues to block Biden win in Pennsylvania

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The long-shot legal motion before the U.S. Court of Appeals for the Third Circuit came two days after a federal judge issued a scathing ruling that dismissed the campaign’s effort to block the state from certifying its results, which show that Biden won the state.

Trump’s lawyers sought the delay to give them more time to find evidence of a fraudulent election system and improper ballot counting. District Court Judge Matthew Brann ruled on Saturday that they had failed to provide “compelling legal arguments and factual proof of rampant corruption.”



Donald Trump wearing a suit and tie standing in front of a flag: Mail voting favored Democratic presidential nominee Joe Biden, and in-person voting tended toward President Donald Trump.


© Angela Weiss, AFP via Getty Images

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Gold Drops to Four-Month Low on Vaccine News, Biden Transition

(Bloomberg) — Gold dropped to the lowest level in four months amid optimism over Covid-19 vaccine developments and the triggering of a formal transition process to President-elect Joe Biden.

The General Services Administration acknowledged Biden as the apparent winner of the presidential election on Monday, following weeks of inaction, and President Donald Trump called on his agencies and departments to cooperate. Biden plans to nominate former Federal Reserve Chair Janet Yellen to serve as his Treasury secretary, people familiar with the matter said.



chart: Gold drops to four-month low on virus progress, Biden transition


© Bloomberg
Gold drops to four-month low on virus progress, Biden transition

After rallying to a record in August, bullion prices are taking a hit amid vaccine progress and the recent outflow from gold-backed exchange-traded funds. The Covid-19 shot developed by the University of Oxford and AstraZeneca Plc prevented a majority of people from getting the disease in a large trial, another promising development in the quest

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Politicizing masks ‘is like politicizing toilet paper,’ Biden coronavirus adviser says



Dr. Celine R. Gounder standing in front of a book shelf


© MSNBC screenshot


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That’s Dr. Celine Gounder, a member of the Biden-Harris coronavirus advisory board, stressing the importance of mask-wearing Monday during an MSNBC interview with Katy Tur.

Gounder, an epidemiologist and infectious disease specialist, said it will be difficult to change anti-mask attitudes, but that providing more financial aid could help.

Video: ‘I don’t need your instruction’: Lawmakers clash over masks on Senate floor (The Washington Post)

‘I don’t need your instruction’: Lawmakers clash over masks on Senate floor

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“People resist, people disbelieve when their other needs are not being met,” she told MSNBC, adding that the abstract threat of the coronavirus might be outweighed by economic fears that often have a greater impact on people’s everyday lives.

“We really do need to be addressing both at the same time, and that includes having another stimulus package passed,” Gounder said.

She delivered

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Stocks Gain on Start of Formal Biden Power Shift: Markets Wrap

(Bloomberg) — U.S. equity futures and most Asian stocks climbed Tuesday after the triggering of a formal transition process to President-elect Joe Biden. The dollar dipped.

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S&P 500 contracts advanced after the General Services Administration acknowledged Biden as the apparent winner of the presidential election. Stocks outperformed in Japan and Australia. They also rose in South Korea and were little changed in Hong Kong and China.

Earlier, U.S. equities closed in the green, with tech shares lagging and small caps jumping. AstraZeneca Plc became the latest firm to deliver positive vaccine news, bolstering demand for cruise-line operators and airlines. Treasury yields extended an advance, gold added to overnight losses and oil fluctuated.

Sentiment also was boosted after people familiar with the matter said Biden plans to nominate former Federal Reserve Chair Janet Yellen to be Treasury Secretary. Chinese shares were steady after a report that senior Trump administration

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Biden team pushing Democrats to strike quick stimulus deal with GOP: report

  • President-elect Joe Biden’s economic advisors fear another recession is looming, The New York Times reported.
  • The impasse over another stimulus package and the prospect of millions of people losing unemployment benefits are leading them to press congressional Democrats to pass another aid package very quickly, The Times said.
  • The surge in virus cases is causing another wave of restrictions and closures that experts say could deal a blow to the economic recovery.
  • Visit Business Insider’s homepage for more stories.

President-elect Joe Biden’s economic advisors are reportedly pressing congressional Democrats to quickly strike a stimulus deal with Republicans, fearing the US is on course for a recession as virus cases surge and a new aid package remains elusive.

The New York Times reported on Sunday that the Biden team was also increasingly worried about the prospect of millions of Americans losing unemployment benefits next month, along with the expiration of federal

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