New York, Jan 6 (AFP/APP): The Dow jumped Wednesday as Vice President Mike Pence said he would not intervene to stop the certification by Congress of Democratic President-elect Joe Biden’s election victory.
Near 1815 GMT, the blue-chip index was up 2.0 percent at 31,009.68, with Pence’s remarks in Congress adding to momentum driven by hopes for more stimulus spending following Tuesday’s Georgia Senate runoff elections.
The broad-based S&P 500 gained 1.5 percent to 3,781.66, while the tech-rich Nasdaq Composite Index advanced 0.6 percent to 12,897.32.
Pence’s remarks “take some of the anxiety away” from investors over political uncertainty, said Art Hogan, chief market strategist at National Securities. Pence’s statement had been expected given that his role in Wednesday’s proceedings is ceremonial and that he has no constitutional authority to intervene.
However, outgoing President Donald Trump has repeatedly urged Pence to hand him another term, telling a rally of supporters Wednesday that “Mike Pence is going to have to come through for us, and if he doesn’t, that will be a sad day for our country.”
Earlier this week, more than 170 executives, including the chiefs of Goldman Sachs, BlackRock and the National Basketball Association, called for the votes to be certified as normal.
Hogan said the stocks rally also reflected expectations that Washington will enact additional stimulus following the apparent Democratic sweep of Georgia’s two Senate contests.
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