On Wednesday, at the rate of global uncertainties that resulted in the evacuation of the US Washington assembly, headed by furious pro-Trump demonstrators, Wall Street had a tumultuous session. The appointment of Joe Biden as president of the United States was required by Congress to be certified, though Donald Trump said he would “never” admit defeat. The Dow Jones finished on a record high amid this tragedy, after passing the session for the first time with 31,000 points. Investors are banking on a Senate swing into the Democratic camp after the Georgian Senate elections, which will raise the odds of a new big fiscal stimulus program to fight Covid-19.
At the close, the Dow Jones index rose a record 1.44 percent to 30,829 points, while the large S&P 500 index advanced 0.57 percent to 3,748 points, and at 12,740 points, the Nasdaq Composite index, rich in electronics and biotech stocks, finished down 0.61 percent.
Sector-wise, technology and development stocks Underperformed, while cyclical and banks surged in anticipation of more support steps to solve the coronavirus crisis. The largest rise in the Dow Jones was reported by the manufacturer of building and mining machinery Caterpillar (up 5.5 percent), with the Dow Inc (up 4.7 percent) and Goldman Sachs (up 5.4 percent). Once not popular, the technology S&P industry index is at the back of the pack with a decrease of 1.8 percent, led by communication services (-0.66 percent).
Before the Washington events on Wednesday, stock markets were monitoring the election of Georgia’s two senators, a vote that will decide whether Republicans (currently in the majority) or Democrats, who still dominate the House of Representatives, control the Senate. Democrat Raphael Warnock won one of those seats, according to US media estimates. The results for the other seat are very similar, but soon after the Wall Street closing, the AP agency estimated that Democrat Jon Ossof had prevailed.