Stocks closed broadly higher on Wall Street Tuesday, sending the Dow Jones Industrial Average above 30,000 points for the first time.

The S&P 500 also climbed to an all-time high, fueled by optimism about the development of coronavirus vaccines and news that the transition of power in the U.S. to President-elect Joe Biden has begun.

Traders were also encouraged to see that Biden had selected Janet Yellen, a widely respected former Federal Reserve chair, as treasury secretary.

On Tuesday:

The S&P 500 index rose 57.82 points, or 1.6%, to 3,635.41.

The Dow gained 454.97 points, or 1.5%, to 30,046.24.

The Nasdaq composite picked up 156.15 points, or 1.3%, to 12,036.79.

The Russell 2000 index of smaller stocks picked up 35.23 points, or 1.9%, to 1,853.53.

For the week:

The S&P 500 is up 77.87 points, or 2.2%.

The Dow is up 782.76 points, or 2.7%.

The Nasdaq is up 181.82 points, or 1.5%.

The Russell 2000 is up 68.19 points, or 3.8%.

For the year:

The S&P 500 is up 404.63 points, or 12.5%.

The Dow is up 1,507.80 points, or 5.3%.

The Nasdaq is up 3,064.18 points, or 34.2%.

The Russell 2000 is up 185.06 points, or 11.1%.