After the Trump administration officially started the transition process on Monday, the Dow futures rose 200 points.
According to CNBC, “the surge in futures came after Emily Murphy, director of the General Services Administration, told President-elect Joe Biden that the Trump administration is providing federal funding for his transition to office.”
In other words, Trump’s campaign-season speech that a Biden win would cause a stock market crash seems to collapse in real time.
Indeed, the stock market appears bullish about the future of the country under Biden’s presidency, especially given the strong hiring decisions it has made in recent days.
As CNBC also noted on Monday, the news that President-elect Janet Yellen will be the next Treasury Secretary is a sign of the future of the economy.
“I think this is a strong sign that Biden will focus on rebuilding the economy instead of pursuing aggressive regulatory policies,” said Ed Mills, political scientist at Raymond James, according to the report. “I would say that this is a positive development for the market, but above all for the economy as a whole.”
Trump’s “transition to greatness” is finally happening
Over the summer, Trump tried to create a new campaign slogan that didn’t really make sense to a president seeking re-election: “Transition to Greatness.”
The reason it failed, of course, is because the tagline implied that things weren’t great right now, as Trump promised to restore them back in 2016 when he drove a slim victory at Electoral College to the White House.
But with Biden winning both the referendum and electoral college pretty decisively, it seems that the “transition” Trump spoke of is finally beginning.
The Lincoln Project even went on Twitter shortly after the transition news was posted on Monday to declare, “TRANSITION TO GREAT!”
Transition to greatness!
– The Lincoln Project (@ProjectLincoln) November 23, 2020
As the chaotic, incompetent, and grueling Trump presidency comes to an end, markets are optimistic about the future of the economy.
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Sean Colarossi currently resides in Cleveland, Ohio. He earned his Bachelor of Arts in Journalism from the University of Massachusetts Amherst and was an organizing fellow for both of President Obama’s presidential campaigns. He also worked with Planned Parenthood as the Outreach Organizer of the Affordable Care Act in 2014, helping Northeast Ohio residents get health insurance.