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Dow sets record with stimulus bets as Democrats approach’s Senate victory

© Reuters

By Yasin Ebrahim – Dow on Wednesday as expectations for further fiscal stimulus masked fears of tighter regulation and tax increases on Big Tech as Democrats approach victory in the Senate-dominated Georgia final vote Recorded a record high.

Soared 1.70%, or 515 points. Increased 1.1% and increased 0.05%.

Democratic Rev. Rafael Warnock dismisses Republican Senator Kelly Loeffler in one of Georgia’s final votes, and Democrat John Osov takes the lead over Republican David Perdue. It is reported that there is.

Winning both races, the Democratic Party will match the 50 seats the Republic holds in the Senate. However, Vice President-elect Kamala Harris will vote for a tiebreaker, paving the way for Democrats to carry out legislative agendas under the control of both Parliament and the White House.

Senate minority leader Chuck Schumer said increasing the stimulus check to $ 2,000 would be one of the first legislations.

However, some Wall Street suggests that stimulus boosts could trigger the Fed to tighten its policies faster than expected.

The legislative agenda can “close the output gap for about four to six quarters” earlier than planned, improve unemployment and bring inflation to reach 2%. This puts the Fed in a position to withdraw early. In 2023, it exceeded the previous forecast by one year. “

Finance has risen above 1% for the first time since March, and a surge in Treasury yields has boosted bank stocks, boosting the overall market ahead of next week’s quarterly earnings report.

Wells Fargo (NYSE :), Bank of America (NYSE :) rose 7%, JP Morgan (NYSE :) rose 5%.

Higher yields tend to boost the net interest income that banks earn on loan products.

Energy stocks continued to rise from the previous day as oil prices rose, with data showing higher-than-expected weekly oil supplies.

Crude oil inventories fell 8 million barrels, compared to a forecast of 2.1 million barrels decline, according to the Energy Information Agency.

Investors have been lagging behind the broader move as Big Tech fears it will be subject to regulatory oversight by legislative Democrats.

Apple (NASDAQ :), Microsoft (NASDAQ :), (NASDAQ :), Facebook (NASDAQ :), Alphabet (NASDAQ :), the so-called Fab 5, make up about 25% of the S & P 500. Traded in red.

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Dow sets record with stimulus bets as Democrats approach’s Senate victory Dow sets record with stimulus bets as Democrats approach’s Senate victory

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