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Dow Rides Stimulus Optimism Higher; Lawmakers Call for Trump Removal

Stock MarketsJan 07, 2021 03:49PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The Dow rose Thursday, as expectations that Democrats will target further fiscal relief overshadowed rising political tensions as pressure mounts on lawmakers to remove President Donald Trump from office in the wake of Wednesday's riot on Capitol Hill.

The Dow Jones Industrial Average rose 0.86%, or 266 points. The S&P 500 was up 1.64%, while the Nasdaq Composite added 2.67%. 

Lawmakers including U.S. Senate Democratic leader Chuck Schumer on Thursday called on Vice President Mike Pence to remove Trump from office by invoking the 25th Amendment to the U.S. Constitution.

"If the Vice President and the Cabinet refuse to stand up, Congress should reconvene to impeach the president," Schumer added.

Technology companies also railed against Trump, who had encouraged demonstrators to protest the confirmation of President-elect Joe Biden's victory, with Facebook blocking a ban on the president's account until his transition.

Twitter locked Trump out of his account for at least 12 hours, while Shopify Inc (NYSE:SHOP) said it would halt the operations of Trump-affiliated online stores on its platform.

Tech led the record-setting day on Wall Street as big tech clawed back losses from a day earlier, while a rally in chip stocks also supported sentiment on risk.

Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Amazon.com (NASDAQ:AMZN), Facebook (NASDAQ:FB) and Alphabet (NASDAQ:GOOGL) traded higher.

Chipmaker Micron Technology (NASDAQ:MU) rose more than 4% ahead of its quarterly report due after the market close.

Financials climbed nearly 2% as bank stocks surged on rising Treasury yields as investors bet the Democrats' expansionary agenda - following their victory in the Georgia runoff elections - will spark a stronger economic recovery.

Wells Fargo (NYSE:WFC) and Bank of America (NYSE:BAC) climbed 2%, while JPMorgan (NYSE:JPM) added 3%. 

The rise in yields sparked weakness in utilities, which is often used as a bond proxy given the sector's stable dividends, paced by a more than 4% decline in Centerpoint Energy (NYSE:CNP).

On the economic front, there are signs that the stimulus - agreed last month - is already having the desired impact, particularly in the labor market as the stimulus checks supported laid-off workers.

The level of initial jobless claims fell by 3,000 to 787,000 in the week ended Jan. 2, confounding economists' estimates for a rise to 803,000.

The positive labor market data comes a day ahead of the nonfarm payrolls report for December, with Wall Street estimating that 71,000 new jobs were created during the month.

In services, activity continued to improve in December, as the ISM non-manufacturing PMI increased to 57.2 from 55.9 in November.

Dow Rides Stimulus Optimism Higher; Lawmakers Call for Trump Removal
 

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Comments (17)
Scott Faries
Scott Faries Jan 11, 2021 3:11AM ET
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Straight communism! Wow this is disgusting!!!
Ad Cline
Ad Cline Jan 07, 2021 7:03PM ET
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Ron how long have you hated American Democracy
Mark Van Atta
Mark Van Atta Jan 07, 2021 5:54PM ET
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Lawmakers need to get him out quickly, before he pardons himself and all the other crooks.
Green Mango
Green Mango Jan 07, 2021 5:54PM ET
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No, he won't be pardoning the Democrats and FBI, or Obama, why would you think that?
Ad Cline
Ad Cline Jan 07, 2021 5:54PM ET
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Green mango-- one more Trump supporter helping Trump trash America.
Scott Faries
Scott Faries Jan 07, 2021 5:54PM ET
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He was voted in! Communist!
Casador Del Oso
Casador Del Oso Jan 07, 2021 4:23PM ET
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$4000 in stimulus for my wife and I should cover property tax for next year.
Ron Humphrey
Ron Humphrey Jan 07, 2021 4:23PM ET
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Then the mafia Dems will tax you $6500 to get there money back plus interest.
Green Mango
Green Mango Jan 07, 2021 4:23PM ET
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Granted!  Wait, only 4k?
Horde NotTrade
Horde NotTrade Jan 07, 2021 4:06PM ET
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Keep pouring gas on the fire "lawmakers" tick tock. Your time is running out on this fake republic.
Ad Cline
Ad Cline Jan 07, 2021 4:06PM ET
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horde not trade how's St Petersburg and your tin pot czar Putin the pervert
Mitchel Pioneer
Mitchel Pioneer Jan 07, 2021 4:06PM ET
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The fraud and criminal manipulation of the US Ponzi Scheme reaches new levels, as the greatest redistribution of wealth in history continues in broad daylight.
Mi Tess
Fib123 Jan 07, 2021 4:00PM ET
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take your ball and go home Donny...you lost
Ave Joe
Ave Joe Jan 07, 2021 3:54PM ET
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The Atlanta election fraud is absolute devastation to all American Voters
Relax Be Happy
Relax Be Happy Jan 07, 2021 3:24PM ET
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Focus on now, not the past, why trigger more problems, be smart.
Benjamin McIntire
Benjamin McIntire Jan 07, 2021 3:11PM ET
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Trump simps gone wild.
Silverbug 19
Silverbug 19 Jan 07, 2021 3:11PM ET
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No power whatsoever. Why with supposedly only days or so left for him. Scared of something?
Maximus Maximus
Maximus Maximus Jan 07, 2021 2:53PM ET
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And that was the end Trump, now condemned by the entire world and all the sane people of his own country.
Coccollo Zac
Coccollo Zac Jan 07, 2021 2:53PM ET
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Now wars start again and  more outsourcing, happy times ahead.
Green Mango
Green Mango Jan 07, 2021 2:53PM ET
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Oh minimum minimum.. More ignorance on display.
king michael
king michael Jan 07, 2021 2:49PM ET
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Hope the new cabinet will be more focused on driving the capital from wall street to main street as it has been fully proved that keep injecting cash to financial market would do more harm to real economy than helping. Also over 75% of Americans don't play stock market anyway. It would hurt democratic party for years if the market bubble below out in the next year or two which is what Trump really wish to see.
la popeye
la popeye Jan 07, 2021 2:20PM ET
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he is the leader of total disrespect. 4 years of total destruction. Covid, international treaty, hire and fire like a boss who abuse. And after all this mess he plays the victim? NUTS
Bill Kenny
Bill Kenny Jan 07, 2021 2:13PM ET
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impeach and make sure he never run again
Mark Stallone
Mark Stallone Jan 07, 2021 2:13PM ET
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We will. Starting Jan. 21st.
Rob Fordham
Rob Fordham Jan 07, 2021 2:09PM ET
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They should remove him he is dangerous
Show previous replies (6)
SuperJay Kay
SuperJay Kay Jan 07, 2021 2:09PM ET
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So, it's Trump's fault, also, that radical liberals rioted and looted? How about some accountability? What the radical liberal groups did to this country all summer was atrocious and I haven't seen anyone on the left condemn it, especially the media... and you support my point by blaming liberal misconduct on the President.
Rob Fordham
Rob Fordham Jan 07, 2021 2:09PM ET
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SuperJay Kay cause they didnt incite thrme riot can u really not see the difference
Rob Fordham
Rob Fordham Jan 07, 2021 2:09PM ET
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Mojo Snake trump cant be trusted to be on social media but he has the nuclear codes u we all should be scared.
Rob Fordham
Rob Fordham Jan 07, 2021 2:09PM ET
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SuperJay Kay big diffence. Trump incited this. The liberal leaders did not.
Mojo Snake
Mojo Snake Jan 07, 2021 2:09PM ET
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Rob Fordham  Especially because he is a Russian agent too.  We don't need any Russians having our nuke codes.  Wow you are a true CNN watcher or is it MSNBC?
Jeffrey Vose
Jeffrey Vose Jan 07, 2021 2:08PM ET
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Removal? He’ll be gone in a couple weeks. They took 6 months to get you that $600 slap in the face. They can’t do anything fast.
Green Mango
Green Mango Jan 07, 2021 2:08PM ET
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Clay Douglass  Well, they apparently cave in to pressure fast as well!
 
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