{"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>

FILE PHOTO: A Wall St. sign is seen near the New York Stock Exchange (NYSE) in the financial district in New York, U.S., November 24, 2020. REUTERS\/Brendan McDermid<\/figcaption>

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

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Reuters) – Wall Street hit record levels<\/p>\n","protected":false},"author":3,"featured_media":107696,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\nWall Street at record high as Democrats take control of Senate - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/wall-street-at-record-high-as-democrats-take-control-of-senate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wall Street at record high as Democrats take control of Senate - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"(Reuters) – Wall Street hit record levels\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/wall-street-at-record-high-as-democrats-take-control-of-senate\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-07T17:34:09+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/01\/cnewsfotor18-4.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/wall-street-at-record-high-as-democrats-take-control-of-senate\/\",\"url\":\"https:\/\/precoinnews.com\/business\/wall-street-at-record-high-as-democrats-take-control-of-senate\/\",\"name\":\"Wall Street at record high as Democrats take control of Senate - 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