“Global stocks rallied after Donald Trump said his administration would co-operate with Joe Biden’s transition team and on hopes that the former head of the Federal Reserve would be the next Treasury secretary.”
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To put it quickly and simplistically: a) the markets were relieved that trump agreed to begin transitioning to the Biden administration, thereby reducing the uncertainty of how trump was going to handle leaving office and b) high conviction in Janet Yellen’s appointment, as she played an important role as fed chairwomen during the aftermath of the financial crisis, namely keeping interest rates low (for probably too long, but it boosted the market)
Now the vaccine distribution won't be completely botched by Trump continuing to be difficult, so there is a higher likelihood of returning to a sense of normalcy sooner rather than later.
Removes the tail risk that Trump digs in hard and refuses to leave the White House, throwing the country, economy, and market into what academics call a cluster dumpster fuck fire.
What you’re seeing is a low probability but high severity risk get priced to a zero probability.
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Thought I'd add that he only instructed the GSA to proceed since the head administrator was getting harassed and threatened. Trump has said he is still going to fight.
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