US stocks hit milestone as investors pin hope on Biden
Wall Street rallied to record highs as investors hope the Democratic sweep of Washington means more stimulus is on the way for the economy.
U.S. stocks on Thursday booked a trifecta of milestones and record closing highs, logging a remarkable finish, as the U.S. government formally certified that President-elect Joe Biden will become the nation’s 46th commander-in-chief.
Chaos reigned in Washington yesterday as a mob of pro-Trump supporters, galvanized by a fire-and-brimstone rally for the president, descended upon Capitol Hill and broke through its barricades in a stunning insurrection that lasted until nightfall.
The Dow Jones Industrial Average closed above the 31,000 level for the first time ever, gaining over 216 points or 0.69%, while the Nasdaq topped 13K for the first time, recouping losses from earlier in the week with a 2.56% rebound and the S&P rose 1.48%.
Early Thursday, Congress confirmed the Electoral College vote count, certifying President-elect Joe Biden’s win in the Nov. 3 presidential election. Biden and Vice President-elect Kamala Harris are set to be sworn into office on Jan. 20.
Investors largely looked past Wednesday’s violent clash between pro- Trump protesters and focused on better-than-expected nonmanufacturing reports, with the Institute for Supply Management services index rising staging an unexpected rebound in its index to 57.2 in December, from 55.9. On top of that, weekly jobless claims were nearly steady last week, slipping to 787,000 from a revised 790,000 the prior week.
Hong Kong’s Hang Seng index slipped 0.5% after the New York Stock Exchange reversed again and said it would delist three big Chinese telecoms companies following an earlier order from the White House. The companies are heavyweights in the Hang Seng.