Dow, S&P 500 close at record highs on hopes for additional Democrat-backed stimulus

Dow, S&P 500 close at record highs on hopes for additional Democrat-backed stimulus

Getty/Brendon Hoffman

All major US equity indexes closed at record highs on Thursday as Democrats' victories in Georgia Senate runoffs bolstered hopes for additional fiscal stimulus.Democrats' dual victories in Georgia Senate runoffs pave the way for the Biden administration to pass sweeping fiscal support in early 2021.A joint session of Congress confirmed Biden's win early Thursday morning, just hours after a pro-Trump mob stormed the Capitol. The move eased some concerns around the violent riots. Filings for unemployment benefits totaled an unadjusted 787,000 for the week that ended Saturday, according to the Labor Department. While the reading lands below estimates, it shows little improvement from the prior week's total.Watch major indexes update live here.

All majori US equity indexes closed at record highs on Thursday amid optimism that Democrats will quickly pass another tranche of fiscal stimulus.

While the response to Wednesday's violence on Capitol Hill made headlines, investors shifted their focus toward Georgia's Senate runoff outcomes and increased chances of new fiscal relief. Jon Ossoff and Raphael Warnock's victories pave the way for the first Democrat-controlled government since 2011 and more progressive economic policy in the wake of the coronavirus recession.

Democrats will likely use soft majority to pass front-loaded stimulus, green