The DJIA rose 1.44% The S&P 500 added 0.60% The Nasdaq Composite was down 0.61%
The Dow closed at a record high as financials led the market, and tech lagged.
General Market Review
Stimulus
With the 50-50 Senate split and Kamala Harris having the tie-breaking vote, it will allow Democrats to carry out their legislative agenda. One of the first legislative proposals will be increasing stimulus checks to $2000, according to Senate Minority Leader Chuck Schumer.
Banking
Treasury yields increased over 1%, boosting the net interest income that banks will earn on loans. Wells Fargo was up 7% and Bank of America added 6%.
Energy
Energy stocks gained as US crude inventories fell 8 million barrels for the week ending December 31. The larger-than-expected fall caused Chevron and ConocoPhillips to rise 3% and 4%, respectively.
Tech
Many tech stocks traded in the red over fears of higher tax rates and regulation with the new Democratic led Senate. Netflix fell about 4% and Amazon was down over 2%.
