On Thursday, a day after a session marked by extreme political events in Washington, Wall Street ended at new highs. The Senate convened late Wednesday to certify the appointment of Joe Biden as the new president of the United States after pro-Trump protestors burst into Congress. In Tuesday’s Georgia election, the Senate also shifted to the Democratic Party. Markets have already turned the page on the Trump period, and are now waiting for the Biden administration’s latest sweeping coronavirus stimulus package to take office on January 20.
The three big U.S. indices finished with fresh milestones at the close. For the first time at the close, the Dow Jones industrial average rose 0.69 percent to 31,041 points, past 31,000 points. The S&P 500’s large index rose 1.48 percent to 3,803 points, a fresh milestone, and the Nasdaq Composite index, rich in stocks in electronics and biotech, leaped 2.56 percent to 13,067 points, a new all-time peak again.
In the S&P 500, nine of the 11 sector indices rose, including technology (up 2.6%), telecom services (up 1.4%), and financials (up 1.5 percent). Basic Materials rose +0.8% while Energy rose by 1.5 percent. In the anticipation of more economic steps to resolve the coronavirus pandemic, cyclical and banks continued to catch up. Walgreens Boots Alliance (up 5.2 percent), JP Morgan (up 3.2 percent), Microsoft (up 2.8 percent), Apple (up 3.4 percent), and Goldman Sachs (up 2.1 percent) were the biggest rises in the Dow Jones.
With a market capitalization of $773 billion, the fifth highest on Wall Street, Tesla Motors made a name for itself in the S&P 500, finishing over $800 for the first time at $816.04 (up 7.9 percent). According to the Bloomberg list of billionaires, Tesla boss, and founder Elon Musk has been the wealthiest individual in the country, dethroning Amazon boss Jeff Bezos.