Share prices hit record highs in NY

Dow S&P 500 scale new highs on possible Democrat sweep in Georgia

Stock Market Today 1/6/21: U.S. Capitol Under Attack, Dow Sets New Highs Anyway

The S&P 500 and Nasdaq Composite continued to push higher from record closes on Thursday, however.

The S&P 500 closed above 3,800 points for the first time on Thursday, while the Dow and the Nasdaq are on track for fourth straight weekly gains.

According to Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, the market's apathy to Friday's downbeat jobs reaffirms a long-held notion that "the economic reality stands in stark contrast to the markets' view of the world - we are all living in the present, with a badly damaged economy, while the market is living in the future, expecting a post-COVID or at least post-vaccine world".

"It's awesome how sensitive we are to the slightest tweaking of when and how big the stimulus will be", said Ed Moya, senior market analyst at OANDA in NY.

Rate-sensitive bank shares gained 3.3%, tracking a surge in the benchmark 10-year US Treasury yield.

Stocks of smaller companies were stable.

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Smaller stocks tend to rise and fall more than their bigger rivals with expectations for the economy's strength.

Wall Street "expects a massive infusion either side of $1 trillion in the first quarter that is built around further stimulus cheques, funds for state and local governments, and enhancements to unemployment benefits, among other provisions", he said, adding that a Biden presidency and the lifting of uncertainty from the White House was also a plus.

"The market is pleased with the result", he said.

"That's why we're excited about what we might see from a fiscal perspective", he said. "You're going to need something to shore up those people".

Earlier in the day, Democratic control of the Senate - a thin possibility just a couple of months ago - suddenly seemed likely after strong showings by the Rev. Raphael Warnock and Jon Ossoff in Tuesday's Georgia Senate runoffs (both were declared the winners of their respective races by Wednesday afternoon). His vote will of course be needed in the Senate (assuming all 50 Republicans vote against any Democrat bill) if the Democrats are to pass fiscal stimulus legislation in the Senate.

House Speaker Nancy Pelosi announced that Congressional leaders have chose to resume the joint session to certify President-elect Joe Biden's win once the Capitol is "cleared for use".

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Another encouraging thing for many investors is that Democrats will have only a thin majority in the Senate. That led to hopes that more stimulus would be a slam dunk.

The S&P 500 was up as much as 0.5% earlier Friday, but it briefly flipped to a tiny loss as the morning progressed. The S&P 500 rose 55.65 points to 3,803.79. The auto maker surged more than 740% a year ago, and they're climbing more amid hopes that a Democratically run D.C. could encourage the use of more electric vehicles.

Optimism emanating from Washington has helped to lift markets around the world.

The Dow Jones Industrial Average rose over 300 points, around a one percent gain.

In European markets, Germany's DAX returned 0.6%, and France's CAC 40 rose 0.7%.

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