The Close: Markets Hit All Time Highs Amid Tumultuous Times in the Country.
During this tumultuous time our country is currently experiencing, markets continued to soar, as we saw another massive gain today. There are so many issues occurring within the country, that it would be difficult to pinpoint one specific issue. There are major issues stemming from the Georgia runoff election results. Trump is viewed as the sole issue in this situation from one side, and the hero from the other. Every political situation within the country is essentially taken with a grain of salt, due to the extremities on both sides. I assumed this was going to become a bigger issue within the market, but instead it was the opposite.
Photo: ABC News
Markets opened strong, ending up hitting all time highs today in light of the full democratic senate. Once January 20th roles around, the democrats will have control of the oval office, senate, and house. This has always been seen as an issue for investors, as this could lead to higher corporate taxes, but I’m assuming that possibility has not been priced in yet. The $DJI ended the day at a 52 week high, closing at 31,041.13 up 211.73, or +0.69%. The Nasdaq soared by a massive amount, ending at 13,067.48, up 326.69 points, or +2.56%. Finally, the $GSPC ended at 3803.79, up 55.65 points, or +1.48% for the day.
The Nasdaq was the big winner today, although almost all the stocks were winners. That being said, some of the biggest gainers within the Nasdaq were Microsoft, Alphabet, and Apple. Microsoft and Alphabet both gained 2% for the day ended, while Apple gained 3.4% for the day ended. Markets gained big today due to the fact that congress reconvened last night to bring clarity to the country. Both big republicans within the senate and house of reps as well as the President himself confirmed the lawful victory of President Elect Biden. Tesla had massive gains today due to upgrades from major firms. Tesla, $TSLA, ended up more than 88 points for the day, close and after hours trading. The company gained more than 10% in its opening value for the day. The increase in Tesla's stock price ended up making Elon Musk the world’s wealthiest man now. Micron technology, a stock we’ve discussed numerous times within this blog, crushed their earnings report today, pushing the stock up towards its all time high levels, which haven't been seen since 2000, the .com bubble.
The Increase and rally's within the market comes from more stability and peace within the country, as well as more stimulus hopes as the democrats will control all parts of the government.