Dow closes at record as Democratic Senate win and stimulus expectations offset Capitol chaos
Dow Jones Industrial Averageclosed at record highs on Wednesday as the prospect for more stimulus under a Democratic controlled Senate offset chaos at the US Capitol.
- Supporters of President Trump stormed the US Capitol building after his speech at the "Stop The Steal" rally as Congress was in session to certify the 2020 Presidential election.
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Investors likely bid up stocks as Democratic control of the Senate increases the likelihood of increased stimulus and infrastructure spending in the coming months.
- S&P 500: 3,748.14, up 0.57%
- Dow Jones industrial average: 30,829.40, up 1.44% (437.80 points)
- Nasdaq composite: 12,740.79, down 0.61%
Solar stocks soared on the increased likelihood that Biden's green energy agenda is passed under a Democratic controlled Congress.Bitcoin surged above $35,000 to an all-time high as investors sought an inflation hedge against the likelihood of increased government spending under the Biden administration. US private-sector employment shrank in December for the first time in eight months, with 123,000 payrolls lost, ADP said.
The 10-year US Treasury yield topped 1% for the first time since March.Gold fell as much as 1.81%, to $1,910.00 per ounce.
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