The DJIA rose 0.69% The S&P 500 added 1.48% The Nasdaq Composite was up 2.56%
Tech and banking led the market to record highs.
General Market Review
Tech
Most tech stocks traded in the green. Companies rallied against Trump after he encouraged protests for the Microsoft and Nvidia were up about 3% and 6%, respectively, after higher hopes of reflation with the incoming administration.
Banking
Treasury yields rise as investors believe the Democratic agenda will spark an economic recovery. JPMorgan and Bank of America added 3% and 2%, respectively. The growing optimism of an economic recovery has the Fed signaling that it could reduce its monthly bond purchases by the year-end.
Economic Data
Jobless claims fell by 3,000 for the week ending January 2. This fall in claims can be explained by the stimulus checks supporting laid-off workers.
