NEW YORK, Jan 6 Reuters The Dow and the SP 500 ended higher, soaring to alltime highs on Wednesday, as investors piled into financial and industrial stocks on bets a Democratic sweep in Georgia would lead to more fiscal stimulus and infrastructure spending.
But Wall Street pared gains and the Nasdaq index closed lower after swarms of protesters stormed the U.S. Capitol on Wednesday as they sought to force Congress to undo President Donald Trumps election loss to Joe Biden. Police in the U.S. Capitol on responded with drawn guns and some tear gas.
It hasnt 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 for investors, said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.
Before the proTrump protests, financials hit a 1year high and were still higher on the day, while materials , industrial and energy sectors held their gains.
Ratesensitive bank shares also rose, tracking a surge in the benchmark 10year U.S. Treasury yield above 1.
Democrats won one U.S. Senate race in Georgia and led in another, moving closer to a surprise sweep in a former Republican stronghold that would give them control of Congress and the power to advance Presidentelect Joe Bidens policy goals. A final outcome is not expected until later on Wednesday.
As this developed, U.S. Vice President Mike Pence opened a joint session of Congress to formally certify Democratic Presidentelect…