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Stock market rally fizzles out while dollar still on the defensive

U.S. stocks closed sharply higher on Tuesday, as investors cheered further progress towards a vaccine and a formal clearance for President-elect Joe Biden's transition to the White House after President Donald Trump finally gave the green light for the formal transfer of power to begin. Investor sentiment was also boosted by reports that Biden planned to nominate former Federal Reserve Chair Janet Yellen as Treasury Secretary. As a result, the Dow Jones Industrial Average rose 1.5%, the S&P 500 gained 1.6%, and the Nasdaq Composite rose 1.3%.