Biden given green light to begin transition as Dow breaks 30,000 for first time

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Biden given green light to begin transition as Dow breaks 30,000 for first time

Stockmarkets rose on Tuesday after the Donald Trump administration gave the green light for the transition process for President-elect Joe Biden to begin.

The US General Services Administration wrote to Biden to inform him the process was ready to commence, with Trump tweeting he and his team would support administrator Emily Murphy to "do what needs to be done with regard to initial protocols", "in the best interest of our country".

The process means Biden's transition team will now meet with federal officials to be briefed on Washington's response to the coronavirus pandemic alongside issues of national security.

The process means Biden's transition team will now meet with federal officials to be briefed on Washington's response to the coronavirus pandemic alongside issues of national security."

It comes on the day Biden's victory in Michigan was certified, and a week after a recount in Georgia confirmed Biden's win in that state.

Trump went on to promise his supporters the move would not derail his bid to overturn the election result, saying his efforts in court were "moving full speed ahead". "[We] will never concede to fake ballots and ‘dominion'," Trump tweeted.

In a letter, Murphy wrote: "Contrary to media reports and insinuations, my decision was not made out of fear or favouritism. Instead, I strongly believe that the statute requires that the GSA Administrator ascertain, not impose, the apparent President-elect."

US futures markets rose on the news, with the Dow Jones breaching an all-time high of 30,000, the S&P 500 up 0.7% and Nasdaq jumping 0.5% in after-market trading.

Markets across Asia also rose, with Japan's Nikkei 225 up 2.5% and Hong Kong's Hang Seng increasing by a more modest 0.5% after an initial fall on opening.

Shares were also boosted by news Biden would look to appoint Janet Yellen, the former US Federal Reserve chair, as the next Treasury secretary.

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Biden given green light to begin transition as Trump pledges to fight on