The daily business briefing: November 24, 2020

Stock futures jump as Trump stops blocking Biden transition, GM drops support for Trump auto emissions fight, and more

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1. Stock futures rise as Trump stops blocking Biden transition

U.S. stock index futures surged early Tuesday after the Trump administration announced it would stop blocking the transition process as President-elect Joe Biden prepares to take over in January. Futures for the Dow Jones Industrial Average rose by more than 1 percent. S&P 500 and Nasdaq futures were up by 0.8 percent and 0.3 percent, respectively, several hours before the opening bell. The Dow rose by 1 percent on Monday, with a boost from AstraZeneca's announcement that trials showed its coronavirus vaccine candidate was at least 70 percent effective, and 90 percent effective in patients who received a half-dose, then a full dose later. Markets also reacted positively to news that Biden would nominate former Federal Reserve Chair Janet Yellen as Treasury secretary.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.