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Stocks Roar on Stimulus Bets as Nasdaq Jumps 2.5%: Markets Wrap

  • All major U.S. equity benchmarks rally to all-time highs
  • Bitcoin pares gains after topping $40,000 in volatile session
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Pro-President Trump protesters invaded the U.S. Capitol building causing it to be locked down by police.Source: Bloomberg
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Stocks rallied a day after violence rocked the U.S. Capitol, with investors firmly focused on the prospect for more stimulus and the likelihood that calm will prevail as Joe Biden takes the presidency.

All major U.S. equity benchmarks notched all-time highs, with about 70% of the companies in the S&P 500 in the green and the Nasdaq 100 jumping 2.5%. The Dow Jones Transportation Average -- a proxy for economic activity -- also hit a record, while the Russell 2000 Index of small caps extended a three-day advance to almost 8%. Tesla Inc. surged after RBC Capital Markets upgraded the stock, noting it was “completely wrong” with a previous bearish view. Another notable call came from Goldman Sachs Group Inc., which said banks have “moved back into vogue” due to optimism about fiscal aid and rising rates. Bitcoin pared gains after topping $40,000.