* Weekly jobless claims fall unexpectedly
* DXC jumps on $ 10 bln takeover offer from French competitor
* Large Wall Street indexes close at records
* Dow up 0.69%, S&P 500 up 1.49%, Nasdaq up 2.56% (Close to US stock market)
NEW YORK, Jan 7 (Reuters) – Stocks on Wall Street hit record highs Thursday when investors pledged that Democrat-controlled Congress will deliver more stimulus spending to help the U.S. economy recover on a sharp decline with a pandemic.
The Dow, S&P 500 and Nasdaq set new heights amid growing calls for President Donald Trump to be ousted, one day after Trump supporters stormed the U.S. Capitol in an attack horror of American democracy.
U.S. House Speaker Nancy Pelosi urged Trump to resign immediately. President Joe Biden accused Trump of future violence and said Wednesday was one of the darkest days in U.S. history.
“The market is now overlooking Trump and they are looking forward to Biden’s leadership, more structure and motivation,” said Dennis Dick, a trader at Bright Trading LLC.
“It’s clear that Democratic Transport will be more concerned about small businesses, and on Main Street.”
Economy-related finance rose 1.5% as industry and goods sectors hit new records on expectations Biden puts up greater fiscal package and encourages infrastructure spending with Congress under control of the Democrats.
Bank shares were sensitive to 2.6% rates, tracking another rise in the U.S. Treasury’s 10-year benchmark yield above 1%.
Plain vanilla growth stock, by and large, is less likely to benefit from increased incentive consumption, said David Bahnsen, chief investment officer at Bahnsen Group in Newport Beach, California.
“Total value stocks are probably outperforming growth,” Bahnsen said. “On the sidelines, if they’re going to get another $ 1 trillion and push bond yields higher and the yield curve slope is steeper, banks are going to win.”
The S&P 500 technology index rose 2.7%, more than to make up for an earlier day’s loss when shares of some of the biggest tech companies fell for fear of more regulation.
The NYSE FANG +TM index, which includes major FAANG stock group that has led a Wall Street rally from pandemics, gained 2.7%.
The three main indexes on Wall Street closed at charts and
Other indices also hit new highs, including the small-cap Russell 2000 index and the nationwide MSCI global equity index, a measure of global stock performance.
The Dow Jones industrial average rose 211.73 points, or 0.69%, to 31,041.13, the S&P 500 gained 55.65 points, or 1.48%, to 3,803.79 and the Nasdaq Composite added 326.69 points, or 2.56%, to 13,067.48.
The number of Americans filing for unemployment benefits fell sharply last week, while remaining high, a report from the Labor Department showed, as the labor market recovery appears stops as COVID-19 pandemic disease threatens to take over the country.
“With more incentive coming, even if we miss applications, it will be a little harder, because we know there will be more support for those who are recently out of work,” said Max Gokhman, chief executive of asset allocation at Pacific Life Fund Advisors in Newport Beach, California.
Investors are now awaiting an extensive jobs report in December, expected on Friday.
DXC Technology Co rose 9.3%, the biggest winner on the S&P, as French IT consulting firm Atos SE acquired a more than $ 10 billion investment approach for its U.S. competitor, which according to two sources with knowledge of the case.
Electric car maker Tesla Inc jumped 7.9% to a record high, with its main entrepreneur and billionaire Elon Musk overtaking Amazon.com Inc. chief executive Jeff Bezos to become the richest man in the world. the world, according to a report.
Leads to higher-than-expected NYSE decline rates with a 1.72-to-1 ratio; on Nasdaq, a 2.98-to-1 promoter ratio was preferred.
The S&P 500 posted 103 new 52-week highs and no new levels; the Nasdaq Composite recorded 346 new highs and three new lows. (Reporting by Herbert Lash, additional commentary by Devik Jain and Medha Singh in Bengaluru; Editing by Marguerita Choy)