Stocks ride higher on Democrat Senate win, dollar founders

Stocks ride higher on Democrat Senate win, dollar founders

Japan's Nikkei rose 2% to its highest since 1990. S&P 500 futures rose 0.6% and Nasdaq 100 futures rose 0.9% as markets seemed to shake off a late New York session fade when chaotic protests in Washington unnerved traders. "It's basically a re-flation trade," said Mathan Somasundaram, head of Sydney-based research firm Deep Data Analytics, who added that the Democrat sweep was unexpected by most investors and "changes a lot.""Even though its a razor-thin margin, it gives Democrats a two-year window (to pursue their agenda)," he said. "Anything that benefits from rising prices is going to do well...when you look at the policy settings they are trying to get through, it's about printing (money for) Main Street and not Wall Street."Georgia voters elected the first Black senator in the state's history, Raphael Warnock, and the Senate's youngest member, Jon Ossoff. Together with Vice-President Kamala Harris' tie-breaker vote, the wins allow the Democrats to control the chamber.The subsequent bond selloff pushed the yield on benchmark 10-year U.S. Treasuries US10YT=RR over 1% for the first time since March. It steadied at 1.0422% on Wednesday. The U.S. dollar also sank as the result became clearer because currency traders reckon that big and growing