Stocks followed Wednesday’s record high close for the Dow Jones Industrial Average by hitting new intraday record highs Thursday morning.
The Dow Jones Industrial Average rose over 300 points, around a one percent gain. The Nasdaq Composite jumped 2.2 percent to rise above 13,000 for the first time. The S&P 500 climbed 1.5 percent to exceed 3,800 for the first time.
The market got some good economic data Thursday as jobless claims came in below expectations and the Institute for Supply Management’s services sector index fell by less than expected.
Investors may also feel confident that despite the extraordinary events of Wednesday in the nation’s capital, order was quickly restored and Congress was able to proceed with the business of confirming the election of Joe Biden as president.
What’s more, President Donald Trump said early Thursday morning that there would be a peaceful transition o the Biden administration on January 20, putting to rest any lingering fears of a coup or insurrection.
Eight of the 11 sectors of the S&P were up Thursday morning, led by information technology, financials and communications services. Utilities and consumer staples were down slightly, often a sign that investors are moving to riskier sectors of the market. Real estate was flat for the day.
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