Shares of retailers and other consumer companies rose as investors rotated into companies that could benefit from Democratic control of both houses of Congress.
Both Raphael Warnock and Jon Ossoff prevailed in their races against Republican rivals for Georgia Senate seats, according to the Associated Press, handing control of the Senate to the Democrats.
Shares of retailers surged on hopes that President elect Joe Biden would pass a bill putting more direct stimulus payments into the hands of American consumers.
"Wall Street is pricing more stimulus checks, aid for state and local governments, and more fiscal support once Covid lockdown efforts are intensified," said Edward Moya, senior market analyst at foreign-exchange brokerage OANDA Group, in a note to clients.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-06-21 1738ET
