Wall Street jumps on Biden transition, Tesla tops $500 billion in market cap

Wall Street opened higher on Tuesday as the formal go-ahead for President-elect Joe Biden's transition to the White House ended weeks of political uncertainty, while Tesla surged 3.3 percent to cross $500 billion in market capitalization for the first time.

The Dow Jones Industrial Average rose 154.84 points, or 0.52 percent, at the open to 29,746.11.

The S&P 500 opened higher by 16.93 points, or 0.47 percent, at 3,594.52, while the Nasdaq Composite gained 58.70 points, or 0.49 percent, to 11,939.33 at the opening bell.