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Traders propel Dow, Nasdaq to record highs after Biden's electoral confirmation

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4:20 pm: Wall Street off to the races

The Dow ended Thursday up 211 points, 0.7%, at 31,041, a record high close. The Nasdaq finished up 327 points, 2.6%, at 13,067 — the first time ever the index has broken 13,000. The S&P 500 improved 55 points, 1.5%, to 3,804. 

Driving the Dow higher was Walgreens Boots Alliance Inc (NASDAQ:WBA), which rose 5.2% to $45.26 after better-than-expected quarterly results.

Overall, the markets were unfazed by the pro-Trump riots at the Capitol building on Wednesday. 

“There should be no mystery as to why the markets didn’t care about what happened in the Capital [on Wednesday], however disturbing, disgraceful, and embarrassing it was,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group, per CNBC. “It’s because it has no bearing on the direction of the economy, earnings and interest rates. It’s that simple.” 

12:30 pm: Wall Street in the green following Biden’s official Electoral College confirmation

The Nasdaq Composite index hit the 13,000 mark for the first time as Apple Inc (NASDAQ:AAPL), Facebook Inc (NASDAQ:FB) and Microsoft Corporation (NASDAQ:MSFT) each agined more than 2%.

The tech index was up 271 points, 2.1% to 13,011 at midday. 

The Dow gained 198 points, 0.6%, to 31,027, and the S&P 500 — which also hit an intraday record — improved 48 points, 1.3%, to 3,797.

“The S&P 500 hit a new record high as the bullish sentiment is still doing the rounds,” CMC Markets UK analyst David Madden wrote Thursday. “Stocks are driving higher on the belief that Joe Biden will go down the stimulus route.”

10:15 am: Proactive North America headlines:

Imagine AR Inc (CSE:IP) (OTCQB:IPNFF) (FRA:GMS1) app featured in white paper discussing the impact of tech on the sports industry

The Valens Company Inc (TSE:VLNS) (OTCQX:VLNCF) (FRA:7LV) introduces THC and CBD water-soluble drops to its Verse Originals product line

Naturally Splendid Enterprises Ltd (CVE:NSP) (OTCQB:NSPDF) (FRA:50N) says retail chain Meridian Farm Markets will sell NATERA Plant Based Foods

Antibe Therapeutics Inc (TSE:ATE) (OTCQB:ATBPF) (FRA:4B70)  adds biotech executive Don Haut to its Partnering Advisory Team

Heritage Cannabis Holdings Corp (CSE:CANN) (OTCQX:HERTF) places its first order for IntelGenx’s CBD Filmstrips for the Canadian and Australian markets

Fury Gold Mines Limited (TSE:FURY) (NYSEAMERICAN:FURY) (FRA:AUN1) adds mining communications veteran as investor relations VP; announces role in mining conference

Loop Insights Inc (CVE:MTRX) (OTCQB:RACMF) names Danny Spataro as senior director of sales, sports, and entertainment

MegumaGold Corp (CSE:NSAU) (OTCMKTS:NSAUF) (FRA:2CM2) set to buy all Canadian GoldCamps Corp assets as pair strike new deal

RedHill Biopharma Ltd (NASDAQ:RDHL) says orphan lung disease therapy RHB-204 granted Fast Track designation by US Food and Drug Administration

Algernon Pharmaceuticals Inc (CSE:AGN) (OTCQB:AGNPF) projects final data from its Ifenprodil COVID-19 trial will be available by end of February as it outlines main aims for 2021

9:42 am: Wall Street indices start higher

Wall Street has started on the front foot on Thursday as traders seemed to breathe a sigh of relief as Joe Biden was officially confirmed as the next US president ahead of his inauguration on January 20.

In the first minutes of trading, the Dow Jones Industrial Average was up 0.55% at 30,997 while the S&P 500 climbed 0.91% to 3,782 and the Nasdaq rose 1.35% to 12,912.

Markets may be relaxing a little following the certification of the election results, the final legal hurdle which was disrupted yesterday after a mob of Trump supporters broke into the Capitol building.

Sentiment may also have been given a boost by the latest weekly jobless claims figures for the week to January 2, which showed 787,000 Americans filed for unemployment benefits compared to 790,000 in the previous week, marking the third straight week of declines.

8 am: Wall Street to start mostly higher as traders shrug off Capitol insurrection

US investors appear to be prepared to shrug off last night’s scenes of insurrection and Washington DC and keep the bull market gong.

Spread betting quotes suggest that while the tech-heavy Nasdaq Composite is set to open 21 points lower at 12,719, the other two main stock indices are expected to open higher.

The Dow Jones Industrial Average is seen rising 89 points to 30,918 while the S&P 500 is expected to open 16 points to the good at 3,764.

While last night’s violent scenes are obviously disconcerting, they could not stop ratification of the Georgia run-off elections, the results of which give the Democrats control of the Senate through the vice-president’s casting vote.

“With the Democrats now set to control Congress when Joe Biden officially becomes President in a few weeks’ time, the market is now recalibrating the scenario where the future leader has a greater chance of pushing through his policies and thus what the consequences would be on asset classes, economic growth, monetary policy and so on. Previously the market seemed to be content with a situation of government gridlock,” suggested Russ Mould, the investment director at AJ Bell.

Neil Wilson at said investors are betting “more stimulus and fiscal expansion from a Democrat-controlled Congress will be the driving force for the upside to show more gains”.

“Any whispered concerns about higher taxes and more regulation are being shouted down by the prospect of more spending,” he added.

US broking giant Citi appears to be unconvinced that 2021 is set to be a banner year for equities, as it has forecast a meagre 2% increase in the MSCI All Countries World Index over the course of the year.

Market observers who can drag their attention away from events on Capitol Hill will be waiting for the ISM services index for December, which Daiwa Capital Markets said will cast further light on how the economy closed out last year.

“In particular, following yesterday’s soft ADP reading, the employment component will allow analysts to refine their expectations for tomorrow’s official employment report,” Daiwa said.

Economists are expecting a reading of 54.5m down from 55.9 previously.

Ahead of the non-farm payrolls figure tomorrow for December, the weekly jobless figures are due out, with the number of initial jobless claims expected to have risen to around 802,500 from 787,000 the week before.

Five things to watch for on Thursday:

  • The earnings diary includes first quarter figures from pharmacy giant Walgreens Boots Alliance Inc (NASDAQ:WBA), as well as third quarter numbers from the maker of Corona beer Constellation Brands Inc (NYSE:STZ)
  • Also in the diary is computer memory maker Micron Technology Inc (NASDAQ:MU), which will report first quarter earnings, and second quarter numbers from Chef Boyardee and Slim Jim maker ConAgra Brands Inc (NYSE:CAG)
  • On the macro front, investors will be eyeing US jobless claims figures for the week to January 2 as well as trade deficit data for November
  • Shares in retailer Bed Bath & Beyond Inc (NASDAQ:BBBY) may also be in focus after it reported weaker than expected profits for its third quarter as the pandemic weighed on sales
  • Bitcoin may also hit the headlines again after the cryptocurrency surged to fresh highs of just under US$38,000 on Thursday morning amid the fallout from the mob attack on the US Capitol building on Wednesday

Story by ProactiveInvestors


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