Dow, S&P 500 and Nasdaq Close at Record Highs on Economic Recovery Bets

08 January 2021

    The Dow, S&P 500 and Nasdaq closed at record highs Thursday led by economic recovery hopes following Democrats’ Senate win and logical expectations of increased fiscal stimulus. 

     

    Given violent protest issues with Republican supporters, lawmakers including US Senate Democratic leader - Chuck Schumer, called on Vice President Mike Pence to remove Trump from office by invoking the 25th Amendment to the US Constitution. "If the Vice President and the Cabinet refuse to stand up, Congress should reconvene to impeach the president”, Schumer said.

     

    Tech companies also railed against Trump, who went as far as to encourage demonstrators to protest the confirmation of Joe Biden's victory via social media, resulting in Facebook blocking the president's account until his transition. Apple, Microsoft, Amazon, Facebook and Alphabet all traded higher.

     

    Financials, in turn, climbed nearly 2% as bank stocks surged on rising Treasury yields as investors saluted the Democrats' expansionary agenda.

     

    All in all, the Dow saw a 0.69% rise, S&P 500 - 1.48% rise, and Nasdaq - 2.56% rise, closing at above 13,000 for the first time ever.


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