Stocks Climb On Wall Street As Biden Transition Begins

A man wearing a protective face mask to help curb the spread of the coronavirus walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Tuesday, Nov. 24, 2020. Asian shares were mostly higher Tuesday, encouraged by news on the development of coronavirus vaccines and more assurance for a transition of power in the U.S. to President-elect Joe Biden. (AP Photo/Eugene Hoshiko)

(AP) — Stocks are opening broadly higher on Wall Street as traders were encouraged by news that the transition of power in the U.S. to President-elect Joe Biden will finally begin, and that Biden had selected Janet Yellen, a widely respected former Federal Reserve chair, as treasury secretary. The S&P 500 index rose 0.6% early Tuesday. Investors were favoring stocks that stood to gain the most from a gradual reopening of the economy, such as banks and industrial companies like Boeing. During the pandemic they had favored winners of the stay-at-home economy like Netflix and Amazon. Overseas markets also rose, and Treasury yields climbed.

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