Congress has formally ratified Joe Biden’s election win after a night of turmoil in Washington.
Hundreds of supporters of president Donald Trump stormed the US Capitol building as politicians were certifying Joe Biden’s election win last November. They broke through security barricades and into the building, resulting in one person being shot and three others dying of medical emergencies. The US Capital Historical Society said it was the most damaging attack on the heart of US democracy since the British burnt it in 1814.
The certification process continued after about three hours of disruption and was completed despite objections from some Trump allies.
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Synopsis It hasn t been a sharp market drop. There have been buyers coming in as well. This is a bit shocking visually to see this unfold on television, said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.
Reuters There will be beneficiaries of a Democratic sweep and there are companies in the Nasdaq - technology and healthcare - that could potentially face some short-term headwinds when it comes to higher taxes and more regulation, impacting their bottom lines, said Tim Chubb, chief investment officer at GIRARD in West Chester, Pennsylvania.
NEW YORK: The Dow and the S&P 500 ended higher, soaring to all-time highs on Wednesday, as investors piled into financial and industrial
Provided by Dow Jones
By Will Horner U.S. tech-stock futures tumbled Wednesday as investors reacted to early results from Georgia s runoff elections, betting that the Democrats were poised to take control of the Senate. Futures tied to the technology-heavy Nasdaq-100 index fell 1.7% on expectations that a Democrat-controlled Congress would lead to higher taxes and tighter regulations on tech giants. S&P 500 futures were down 0.3%. Dow Jones Industrial Average futures rose 0.2%, while those tied to the Russell 2000, which tracks smaller stocks, were up 1.2%. Both indexes are filled with companies beaten down by the coronavirus pandemic that stand to benefit from higher fiscal spending.
Betting markets strongly favored victories by the Democrats, according to the aggregation of odds at electionbettingodds.com. The betting markets proved to be more accurate than traditional public opinion polls in predicting the November elections, and the financial markets appear to be taking their cues from the wagering.
Should the Georgia Democrats win their respective races, their party would effectively control the Senate with 50 votes and the tie going to the Vice President-elect Kamala Harris. With the Democrats retaining control of the House of Representatives, President-elect Joe Biden would have a significantly easier time getting his cabinet appointments and legislative agenda passed.