The stock jumped Wednesday as traders awaited the final results of the Georgia Senate runoff elections, which will determine control of Congress and shape policy decisions for the coming years.
The Dow and S&P 500 each jumped more than 1% to hit record intraday highs, as bank stocks helped fuel the advances. The Nasdaq stayed under some pressure, as markets took the increasing odds of a Democratic sweep in the Georgia Senate races as a possible sign for more anti-trust action against Big Tech companies. U.S. crude oil prices held above $50 per barrel after breaking above that level for the first time since February 2020 on Tuesday, after Saudi Arabia unexpectedly agreed to cut oil output by one million barrels per day to help support languishing energy prices.
Democrat Raphael Warnock edged out incumbent Republican Kelly Loeffler to win one of the two seats in the state, the Associated Press reported Wednesday morning. This would give Democrats 49 seats in the Senate to Republicans’ 50, with one seat still hanging in balance. The Georgia Senate race between incumbent Republican David Perdue and Democratic challenger Jon Ossoff remained too close to call as of Wednesday morning.