{"id":107697,"date":"2021-01-07T17:34:09","date_gmt":"2021-01-07T17:34:09","guid":{"rendered":"https:\/\/precoinnews.com\/?p=107697"},"modified":"2021-01-07T17:34:09","modified_gmt":"2021-01-07T17:34:09","slug":"wall-street-at-record-high-as-democrats-take-control-of-senate","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/wall-street-at-record-high-as-democrats-take-control-of-senate\/","title":{"rendered":"Wall Street at record high as Democrats take control of Senate"},"content":{"rendered":"
(Reuters) – Wall Street hit record levels on Thursday as market participants bet on more coronavirus relief aid under a Democrat-controlled U.S. Congress to help the economy ride out a steep pandemic-led downturn.<\/p> Economy-linked financials jumped 2.1%, while industrial and materials sectors hovered near record highs on expectations that President-elect Joe Biden would line up a bigger fiscal package and boost infrastructure spending.<\/p>\n \u201cYou\u2019re seeing a reflation trade on the assumption that a more progressive and aggressive fiscal stimulus packages could be in the offing,\u201d said Keith Buchanan, portfolio manager at GlobAlt in Atlanta.<\/p>\n Rate-sensitive bank shares gained 3.3%, tracking a surge in the benchmark 10-year U.S. Treasury yield. [US\/]<\/p>\n The S&P 500 technology, up 2.4%, was set to more than make up for its losses from a day earlier, when shares of some of the biggest technology companies dropped on fears of increased regulation.<\/p>\n The NYSE FANG+TM index, which includes the core FAANG group of stocks that have led the Wall Street rally from pandemic lows, gained 2.1%.<\/p>\n The Congress on Thursday certified Biden\u2019s election victory, hours after hundreds of President Donald Trump\u2019s supporters stormed the U.S. Capitol in a harrowing assault on American democracy that briefly weighed on markets.<\/p>\n At 11:47 a.m. ET the Dow Jones Industrial Average rose 306.47 points, or 0.99%, to 31,135.87, the S&P 500 gained 57.18 points, or 1.53%, to 3,805.32 and the Nasdaq Composite gained 306.33 points, or 2.40%, to 13,047.12.<\/p>\n The number of Americans filing for jobless benefits unexpectedly dipped last week, while staying elevated, a Labor Department report showed, with the job market recovery appearing to stall as COVID-19 threatens to overwhelm the country.<\/p>\n \u201cWith more stimulus coming, even if we do have a miss on claims, it\u2019s going to be a little bit less severe, because we know there\u2019s going to be a bigger back up for those who are recently unemployed,\u201d said Max Gokhman, head of asset allocation at Pacific Life Fund Advisors in Newport Beach, California.<\/p>\n Investors are now awaiting a comprehensive December jobs report, which is expected on Friday.<\/p>\n DXC Technology surged 7% as France\u2019s IT consulting group Atos made a more than $10 billion takeover approach for its U.S. rival, according to two sources with knowledge of the matter.<\/p>\n Electric-car maker Tesla Inc jumped 6% to a record high after RBC Capital Markets upgraded its stock rating to \u201csector perform\u201d.<\/p>\n Walgreens Boots Alliance Inc advanced 6.6%, leading gains among Dow components, after it beat analysts\u2019 estimates for adjusted quarterly profit, driven by higher sales at its retail pharmacy stores and higher prescription volumes.<\/p>\n Advancing issues outnumbered decliners by a 1.6-to-1 ratio on the NYSE and by a 2.8-to-1 ratio on the Nasdaq.<\/p>\n The S&P 500 posted 92 new 52-week highs and no new lows while the Nasdaq recorded 445 new highs and 13 new lows.<\/p>\n