February 15, 2025

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Business is my step

Wall Street rallies again on Democratic wins, stimulus hopes | Nation

5 min read

NEW YORK (AP) — Wall Street is climbing to new heights again Thursday on expectations that the Democratic sweep of Washington means more stimulus is likely on the way for the economy.

The S&P 500 was 1.2% higher in the first trading after Congress confirmed Joe Biden as the winner of the presidential election and Jon Ossoff was declared the winner of a Georgia runoff election, tipping control of the Senate to Democrats. The Dow Jones Industrial Average was up 172 points, or 0.6%, at 31,005, as of 10 a.m. Eastern time, and the Nasdaq composite was 1.8% higher.

They add to gains from a day before, when the S&P 500 had been on track to set a record high after Raphael Warnock was declared the winner of the first of two Georgia runoffs and expectations built for a Democratically controlled D.C. Investors and analysts are anticipating Congress to try to deliver $2,000 checks to most Americans, increase spending on infrastructure and take other measures to nurse the economy amid the worsening pandemic.

Markets gave up much of their early gains on Wednesday, though, after loyalists to President Donald Trump stormed the Capitol as lawmakers were confirming his loss. But the S&P 500 is back above its record set at the end of 2020 as investors look past the current political ugliness — and the worsening pandemic around the world — and focus on prospects for an improving economy in the future.

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