Stocks rose to all-time highs on Thursday as Congress confirmed the election of Joe Biden as president and traders looked past the unrest in Washington.
The Nasdaq Composite popped 2.6% to 13,067.48 as shares of Microsoft and Alphabet both gained more than 2%, and Apple rose 3.4%. The Dow Jones Industrial Average advanced 211.73 points, or 0.7%, to 31,041.13. At one point, the Dow was up more than 300 points. The S&P 500 climbed 1.5% to 3,803.79.
Thursday marked the Nasdaq’s first-ever close above 13,000. It was also the first time the Dow and S&P 500 ended a session above 31,000 and 3,800, respectively.
Traders continued to focus on the possibility for additional fiscal aid after the Democratic party secured a slim majority in the Senate, giving it control of both congressional chambers.
JJ Kinahan, chief market strategist at TD Ameritrade, said the election results give investors “more clarity” by “solidifying Democrat control in Washington and increasing expectations of more stimulus to come.”
“With the political tensions easing, more stimulus expected to help boost the economy, and coronavirus vaccines helping bring a measure of calm to investors and traders, it seems that the market can now focus on earnings season,” he said.
On the data front, initial jobless claims came in at 787,000 for the week ending Dec. 31, the Labor Department said. Economists polled by Dow Jones expected a print of 815,000.
Sentiment on Wall Street also got a boost after the Institute for Supply Management said its index for nonmanufacturing activity in the U.S. rose to 57.2 in December from 55.9 in November. Economists polled by Dow Jones had forecast a print of 54.5.
Reference: CNBC
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