US STOCKS-Wall Street at record highs as Democrats take control of Senate

  • Reuters
  • Stock Market News
US STOCKS-Wall Street at record highs as Democrats take control of Senate

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)

* Walgreens top gainer on Dow after profit beat

* Weekly jobless claims dip unexpectedly

* DXC jumps on $10 bln takeover offer from French rival

* Indexes up: Dow 0.9%, S&P 1.4%, Nasdaq 2.1% (Updates to market open; adds details)

By Devik Jain and Medha Singh

Jan 7 (Reuters) - Wall Street hit record levels on Thursday as market participants bet on more pandemic aid under a Democrat-controlled U.S. Congress to help the economy ride out a steep downturn.

Economy-linked financials .SPSY jumped 2.2% while industrial .SPLRCI and materials .SPLRCM sectors hovered near record highs on expectations that President-elect Joe Biden would line up a bigger fiscal package and boost infrastructure spending. seeing a reflation trade on the assumption that a more progressive and aggressive fiscal stimulus packages could be in the offing," said Keith Buchanan, portfolio manager at GlobAlt in Atlanta.

Rate-sensitive bank shares .SPXBK gained 3.2%, tracking a surge in the benchmark 10-year U.S. Treasury yield . US/

The S&P 500 technology .SPLRCT , up 2.2%, was set to more than make up for its losses from a day earlier, when shares of some of the biggest technology companies dropped on fears of increased regulation.

The NYSE FANG+TM index .NYFANG , which includes the core FAANG group of stocks, gained about 2%.

The Congress on Thursday certified Biden's election victory, hours after hundreds of President Donald Trump's supporters stormed the U.S. Capitol in a harrowing assault on American democracy that briefly weighed on markets. 10:18 a.m. ET, the Dow Jones Industrial Average .DJI rose 269.28 points, or 0.88%, to 31,098.68, the S&P 500 .SPX gained 53.75 points, or 1.43%, to 3,801.89 and the Nasdaq Composite .IXIC gained 261.18 points, or 2.06%, to 13,002.01.

The number of Americans filing for jobless benefits unexpectedly dipped last week, while staying extremely high, a Labor Department report showed, with the job market recovery appearing to stall as COVID-19 threatens to overwhelm the country. are now awaiting a comprehensive December jobs report, which is expected on Friday.

DXC Technology DXC.N jumped 10.8% as France's IT consulting group Atos ATOS.PA made a more than $10 billion takeover approach for its U.S. rival, according to two sources with knowledge of the matter. maker Tesla Inc TSLA.O jumped 4.2% to a record open after RBC Capital Markets upgraded its stock rating to "sector perform". Boots Alliance Inc WBA.O jumped 6%, leading gains among Dow components .DJI , after it beat analysts' estimates for adjusted quarterly profit, driven by higher sales at its retail pharmacy stores and higher prescription volumes. issues outnumbered decliners by a 2-to-1 ratio on the NYSE and by a 3-to-1 ratio on the Nasdaq.

The S&P 500 posted 75 new 52-week highs and no new lows while the Nasdaq recorded 352 new highs and five new lows.

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