Stocks shook off a midday slump and powered higher in the afternoon, bringing major indexes to record highs and leaving the market with solid gains for the first week of the year. The S&P 500 added 0.5%. It rose 1.8% for the week. The Dow and Nasdaq also closed at record highs. Investors are hopeful that the Biden administration will move quickly to push through more badly needed support for American workers and businesses following his inauguration later this month. Treasury yields continued to rise as investors expect increased federal borrowing, more stimulus for the economy and the possibility of higher inflation.
Mark Lennihan/AP
FILE - A sign for Wall Street is carved in the side of a building, Thursday, Nov. 5, 2020, in New York. Stocks are opening broadly higher on Wall Street Friday, Nov. 13, keeping the market on track for its second weekly gain in a row. (AP Photo/Mark Lennihan)
Posted at 11:20 PM, Jan 07, 2021
and last updated 2021-01-08 17:15:24-05
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