NEW YORK (NEXSTAR) — The Dow Jones Industrial Average traded above 30,000 points for the first time Tuesday as investors were encouraged by the latest progress on developing coronavirus vaccines and news that the transition of power in the U.S. to President-elect Joe Biden will finally begin.

Traders were also encouraged by news that Biden had selected Janet Yellen, a widely respected former Federal Reserve chair, as treasury secretary.

The Dow rose more than 400 points, or 1.4%, to trade just over 30,000 late Tuesday morning.

The S&P 500 index, which has a far greater impact on 401(k) accounts than the Dow, rose 1.3%.