US stock futures rose in overnight trading Wednesday as investors digested the likely event of a Democratic congress and continued to move past the turmoil in the US Capitol.
The Dow Jones Industrial average futures rose 125 points. S&P 500 futures rose 0.6% and Nasdaq 100 futures rose 0.9%.
During Wednesday's trading session, the markets were largely untouched by the chaos in Washington caused by pro-Trump rioters in the U.S. Capitol. Legislators had just begun the process of counting the electoral college's votes and officially declaring President-elect Joe Biden the winner when demonstrators stormed the chamber.
Wednesday night the Capitol was secured and Congress convened again to continue the process of confirming Biden's victory. Senate Majority Leader Mitch McConnell said the Senate will certify the 2020 election winner Wednesday night.
"The country's strength is our institutions and our laws," QMA's Ed Keon told CNBC. "It's daunting to see that, but we'll prevail and I think that's the message from the markets."
"I think the reason the markets aren't too cluttered is because it won't change the power shift," added Tom Lee, co-founder of Fundstrat Global Advisors.
US stocks rose on Wednesday as the Georgian Senate election results arrived. Minutes after the closing bell, NBC predicted that Democrat Jon Ossoff would defeat Republican David Perdue. This comes after NBC earlier projected that Democrat Raphael Warnock defeated Republican Senator Kelly Loeffler in their runoff election.
The Georgian election results create a 50:50 Senate that the Democrats will control due to the groundbreaking vote in elected Vice President Kamala Harris. A Democrat-owned Senate is widely expected to push for a more robust stimulus package, speculation that boosted stocks Wednesday.
The Dow Jones Industrial Average rose more than 400 points, or 1.4%, to close at a record high. The S&P 500 rose 0.57% to hit an intraday all-time high during the session. However, the two averages closed their highs amid the unrest.
The Nasdaq Composite was the relative underperformer, falling 0.6% as Facebook, Amazon, Apple, Netflix, and the Google parent alphabet all closed lower.
The Russell 2000 small-cap benchmark rose nearly 4%, beating the 2,050 level in hopes of more housekeeping.
The 10-year government bond yield was above 1% for the first time since the pandemic-triggered loss in March late Tuesday. The jump in yield triggered a rally in bank stocks on Wednesday.
In the midst of the chaos, the cryptocurrency Bitcoin topped $ 36,000.
The Ministry of Labor publishes last week's unemployment claims on Thursday at 8:30 a.m. Economists polled by Dow Jones expect 815,000 Americans to file for unemployment last week, compared to 787,000 claims the previous week.
Bed Bath & Beyond, Constellation Brands, Walgreens Boots Alliance and Conagra will report quarterly results on Thursday before the bell. Chipmaker Micron reports after the bell.
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