Stocks end at records again as Biden eyes more stimulus

Stocks end at records again as Biden eyes more stimulus

Wall Street's main indexes were set to scale new highs on Friday, as hopes of more economic stimulus to ride out a pandemic-led downturn eclipsed concerns over a significant loss of pace in labor market recovery.

The S&P 500 was 1.5% higher in the first trading after Congress confirmed Joe Biden as the victor of the presidential election and Jon Ossoff was declared the victor of a Georgia runoff election, tipping control of the Senate to Democrats. The S&P 500 closed with gains of 0.55%, the Nasdaq 100 with gains of 1.28% and the Dow Jones Industrial Average with gains of 0.2%. A Democratic majority means it's more likely that more fiscal stimulus will be passed more quickly, which is generally good for the markets. Joe Manchin, a Democrat from West Virginia, said he would "absolutely not" support another round of checks.

Events in the United States capital, Washington, DC, took an ugly turn when pro-Trump activists stormed and breached the Capitol building while Congress was finalizing certification of Democrat Joe Biden's win in the presidential election. The remarks unsettled investor who expect further stimulus payments.

The market "is really looking through to year-end at what looks like a really solid year for earnings growth", Haworth said. The S&P 500, a barometer for the top 500 USA stocks on the New York Stock Exchange, climbed 1.5% to 3,803.79.

But the Dow gave up some of its early gains and finished the day up only 0.2%, as investors now seem anxious that more help might not soon be coming after all. The Dow on Wednesday climbed past 31,000 points for the first time in history and closed at an all-time high.

USA stocks' ascent to new highs Wednesday came in weird and stunning contrast to what unfolded in Washington, D.C.

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Nash said he didn't think the strong performance without them sent a message to the rest of his players. The team will reportedly remain in NY for Thursday night and undergo contact tracing.

For the week, the S&P rose 1.83%, the Dow added 1.61% and the Nasdaq gained 2.43.%.

"I think most feel this [the Washington protests] is more of a one-off situation, that this is an isolated event as opposed to some sort of bigger movement, and because of that we can look to the new government and to stimulus", Peter Tchir of Academy Securities told CNBC. Tesla was the largest percentage gainer on the S&P.

DXC Technology jumped 10.8% as France's IT consulting group Atos made a more than $10 billion takeover approach for its US rival, according to two sources with knowledge of the matter.

Economy-linked financials jumped 2.1%, while industrial and materials sectors hovered near record highs on expectations President-elect Joe Biden would line up a bigger fiscal package and boost infrastructure spending.

Advancing issues outnumbered declining ones on the NYSE by a 1.10-to-1 ratio; on Nasdaq, a 1.07-to-1 ratio favored advancers.

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