Fri. Jan 22nd, 2021

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Democrat Senate win drives stocks higher

1 min read

Stocks

Bonds nursed losses and stock markets rose on Thursday in anticipation of a big borrowing and big spending Democrat administration driving growth, following runoff elections that gave the party control of both houses of U.S. Congress.

U.S. Treasuries had suffered their steepest selloff in months after Democrat victories in two Georgia races handed them narrow control of the Senate and the power to pass their agenda.

S&P 500 futures rose 0.6% and Nasdaq 100 futures rose 0.9% as markets seemed to shake off a late fade that pulled Wall Street indexes back from fresh record peaks when chaotic protests in Washington unnerved traders.

Wednesday’s bond selloff pushed the yield on benchmark 10-year U.S. Treasuries over 1% for the first time since March. It rose as high as 1.0507% on Thursday.

The U.S. dollar also sank as the result became clearer because currency traders reckon that big and growing U.S. trade and budget deficits will weigh on the greenback.

The dollar struck an almost three-year low against the euro of $1.2349 and hovered near that level on Thursday. It also fell to multi-year troughs against the Aussie, kiwi and Swiss franc.

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