Dow hits new record as banks rally, offsetting Nasdaq decline

The Democrats may ding big tech in Senate

U.S. stocks ended the session mixed in choppy trading even as pro-Trump protesters stormed Capitol Hill protesting Joe Biden's win in the presidential election, and as the nation awaits the likely confirmation of Democratic control of the legislative and executive branches of the U.S. government.

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TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES30932.34-27.66-0.09%
CATCATERPILLAR INC.186.97-0.30-0.16%
JPMJP MORGAN CHASE & CO.131.41-0.69-0.52%
GSGOLDMAN SACHS GROUP INC.281.68-1.33-0.47%

The Dow Jones Jones Industrial Average closed 437 points higher, or 1.4%, with gains in Goldman Sachs, JPMorgan and Caterpillar. The S&P 500 rose 0.57%, lifted by materials and financials.

TickerSecurityLastChangeChange %
SP500S&P 5003848.95-6.41-0.17%
XLFFINANCIAL SELECT SECTOR SPDR ETF29.88-0.24-0.80%
XLBMATERIALS SELECT SECTOR SPDR ETF73.00-1.00-1.36%

U.S. banks are seen benefiting from rising Treasury yields, which pushed the 10-year note above 1%.

TickerSecurityLastChangeChange %
GSGOLDMAN SACHS GROUP INC.281.68-1.33-0.47%
WFCWELLS FARGO & COMPANY31.39-0.86-2.67%
BACBANK OF AMERICA CORP.30.94-0.22-0.71%

The Nasdaq slipped back into negative territory as Apple, Facebook and Amazon remained lower on concerns a Democratic Senate will be tougher on large-cap tech.

TickerSecurityLastChangeChange %
I:COMPNASDAQ COMPOSITE INDEX13620.954517-15.04-0.11%
AAPLAPPLE INC.143.15+0.23+0.16%
FBFACEBOOK INC.282.10+4.09+1.47%
AMZNAMAZON.COM INC.3,320.84+26.84+0.81%

Fox News projects that in the Georgia runoff election for two U.S. Senate seats, Democratic challenger Raphael Warnock defeated incumbent Republican Sen. Kelly Loeffler, while the race between Republican David Perdue and Democratic challenger Jon Ossoff was too close to call.

Stocks that may benefit from a Democratic win include solar and green energy names which are seeing gains on Wednesday.

TickerSecurityLastChangeChange %
SEDGSOLAREDGE TECHNOLOGIES INC.296.18-13.94-4.50%
RUNSUNRUN75.50-3.11-3.96%
FSLRFIRST SOLAR INC.104.69-0.25-0.24%
SPWRSUNPOWER CORP.53.55+6.22+13.14%

Tesla, Elon Musk's electric-vehicle maker, continued its climb to fresh records.

TickerSecurityLastChangeChange %
TSLATESLA INC.883.07+2.27+0.26%

In addition, cannabis stocks may also benefit as the Democrats may push for broader legalization.

TickerSecurityLastChangeChange %
CGCCANOPY GROWTH CORP35.50+2.59+7.87%
ACBAURORA CANNABIS10.67+0.51+5.02%

ECONOMIC REPORTS

ADP reported that the U.S. lost 123,000 jobs in December, compared to expectations of a gain of 88,000, according to economists surveyed by Refinitiv.

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Data on mortgage applications for the week ended Jan. 2 showed a rise of 1.7%, as the U.S. housing market continues to be a bright spot in the economy.

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In other asset classes, bitcoin surged past the $35,000 level in morning trading.

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Oil and gold also rose, with West Texas Intermediate crude oil climbing back above the $50 per barrel level, while gold hit $1,959.50 an ounce.