(Bloomberg) -- U.S. stocks rallied toward records, oil surged past $45 and the dollar fell as the formal start of President-elect Joe Biden’s transition spurred investors into risk assets.The Dow Jones Industrial Average climbed to 30,000 for the first time, led by a 5% rally in Boeing Co. The S&P 500 jumped more than 1%. Back-to-normal stocks led the gains. Carnival Corp. surged 9%, MGM Resorts International added 7% and Planet Fitness Inc. jumped 8%. The Russell 2000 rose almost 2% and is on track for its best month ever.Energy companies in the S&P 500 surged 4% after oil topped $45 a barrel in New York for the first time since March 6. Bitcoin rallied past $19,000. The dollar weakened versus major peers and Treasuries slipped. Gold fell toward $1,800 an ounce.“The market has room to run but on the premise that investors are trying to rotate into these undervalued areas of the market and more into the value play rather than the technology,” Shawn Snyder, head of investment strategy at Citi Personal Wealth Management, said by phone.Stock markets globally trended higher after the General Services Administration acknowledged Biden as the apparent winner of the presidential election. The move reduces political uncertainty in the U.S., giving Biden and his team access to current agency officials, briefing books, some $6 million in funding and other resources. Markets also cheered his plan to nominate former Federal Reserve Chair Janet Yellen to lead the Treasury Department.“Markets love certainty and the move by Trump overnight partially removes ambiguity over the presidential succession,” Jeffrey Halley, a senior market analyst with Oanda Asia Pacific Pte, wrote in a note. “A Biden administration is expected to be much less isolationist, with hopes that the U.S. will reengage on global trade and improve relations with China.”Wall Street is also viewing a possible Yellen appointment as reason to count on more economic stimulus. She recently said the recovery will be uneven and lackluster if Congress doesn’t spend more to fight unemployment and keep small businesses afloat. That’s fueling the rotation out of defensive technology stocks and into assets that have been hardest hit by the pandemic, such as airlines and energy producers.In other markets, gold dropped to a four-month low and the dollar weakened against its major peers.In New Zealand, the government proposed adding home prices to the central bank’s remit to rein in an overheating property market. The move has prompted investors to reduce bets on lower interest rates, pushing the kiwi to the highest level since June 2018.In Germany, the operator of the DAX index announced the biggest overhaul since the index’s inception in 1988. The number of members will increase to 40 from 30 and new quality criteria will be imposed on both existing and prospective members.Here are some key events coming up:Minutes of the most recent Federal Open Market Committee meeting are due Wednesday.U.S. jobless claims, GDP and personal spending data come Wednesday.U.K. expected on Wednesday to deliver the government’s spending plans for next year.Thursday sees a policy decision and briefing from the Bank of Korea.U.S. celebrates the Thanksgiving holiday on Thursday.The week ends with Black Friday, the traditional start of the U.S. holiday shopping season.These are the main moves in markets:StocksThe S&P 500 Index rose 1.4% as of 11:39 a.m. New York time.The Stoxx Europe 600 Index rose 0.6%.The MSCI Asia Pacific Index rose 0.9%.The MSCI Emerging Market Index was little changed.CurrenciesThe Bloomberg Dollar Spot Index fell 0.3%.The euro climbed 0.2% to $1.187.The British pound gained 0.1% to $1.3333.The onshore yuan was little changed at 6.586 per dollar.The Japanese yen was little changed at 104.54 per dollar.BondsThe yield on 10-year Treasuries jumped two basis points to 0.87%.The yield on two-year Treasuries increased less than one basis point to 0.16%.Germany’s 10-year yield gained three basis points to -0.56%.Japan’s 10-year yield climbed one basis point to 0.025%.CommoditiesWest Texas Intermediate crude surged 4.7% to $45.07 a barrel.Brent crude climbed 1.6% to $47.845 a barrel.Gold futures weakened 1.9% to $1,809.30 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.