Dow closes above 31K, Nasdaq 13K for 1st time with ‘orderly transition’ of White House ahead

Tesla shares top $800, making Musk richest man

All three of the major U.S. averages climbed to fresh records on Thursday as the U.S. government formally certified that President-elect Joe Biden will become the nation's 46th commander-in-chief.

The Dow Jones Industrial Average closed above the 31,000 level for the first time ever, gaining over 216 points or 0.69%, while the Nasdaq topped 13K for the first time, recouping losses from earlier in the week with a 2.56% rebound and the S&P rose 1.48%.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES30932.37-469.64-1.50%
I:COMPNASDAQ COMPOSITE INDEX13192.345407+72.91+0.56%
SP500S&P 5003811.15-18.19-0.47%

Many investors are now focusing on the incoming administration after President Trump committed to an orderly transition following the storming of Capitol Hill. Still, the 10-Yr. Treasury is sitting at 1.070%.

TickerSecurityLastChangeChange %
VGTVANGUARD WORLD FDS VANGUARD INFO TECH ETF356.50+2.53+0.71%
XLFFINANCIAL SELECT SECTOR SPDR ETF32.31-0.63-1.91%
AAPLAPPLE, INC.121.26+0.27+0.22%
MSFTMICROSOFT CORP.232.38+3.39+1.48%
AMZNAMAZON.COM, INC.3,092.93+35.77+1.17%

Technology and financial stocks, including the Big Tech companies such as Apple, Microsoft and Amazon, paced the gains for the broader market.

TickerSecurityLastChangeChange %
TSLATESLA, INC.675.50-6.72-0.98%

Tesla shares rose nearly 8%, helping CEO Elon Musk become the world's richest man, surpassing Amazon CEO Jeff Bezos. Musk now has a fortune of more than $185 billion.

In other stock news, Walgreens Boots Alliance shares saw a healthy 5% jump after maintaining its profit forecast following a strong quarter.

TickerSecurityLastChangeChange %
WBAWALGREENS BOOTS ALLIANCE, INC.47.93-0.34-0.70%

On the employment front, jobless claims unexpectedly fell, with first-time filers coming in at 787,000, compared to estimates of 800,000. Continuing claims came in at 5.07 million, below estimates of 5.2 million. On Wednesday, ADP said the U.S. lost 123,000 jobs in December, compared to expectations for a gain of 88,000, as the pandemic continues to ravage the economy. Friday's government report on December jobs will be released.

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SOCIAL MEDIA IN PLAY

Social media stocks Twitter and Facebook saw more attention on Thursday after both platforms, along with Facebook-owned Instagram, suspended Trump's account indefinitely.

TickerSecurityLastChangeChange %
TWTRTWITTER, INC.77.06+2.47+3.31%
FBFACEBOOK, INC.257.62+2.93+1.15%

Twitter's first move came Wednesday after the social media giant removed a video the president tweeted, in which he told protesters who had stormed the Capitol to "go home," while maintaining that the 2020 election had been "stolen."

ECONOMIC REPORTS IN THE SPOTLIGHT

A number of economic reports were released on Thursday, including further looks at trade and the weekly natural gas inventory report.

The trade balance for November came in at $68.1 billion, below the estimate of $65.2 billion, according to analysts surveyed by Refinitiv.

The ISM Non-Manufacturing Index came in at 57.2, ahead of economists' expectations of 54.6. The weekly natural gas inventory report showed a decline of 130 billion cubic feet.

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In other asset classes, bitcoin surged past the $40,000 level in afternoon trading, doubling in less than a month, pushing its market value above $1 trillion for the first time.

Oil and gold also rose, with West Texas Intermediate crude oil climbing to $50.83 per-barrel level, while gold hit $1,912.30 an ounce.

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Fox News' Brooke Singman contributed to this story.