Stock Market Today: U.S. Capitol Under Attack, Dow Sets New Highs Anyway
Stocks soared early Wednesday on the back of a Democratic sweep in Georgia's runoffs, then maintained some of their ground despite a violent pro-Trump attack in Washington.


U.S. stocks' ascent to new highs Wednesday came in bizarre and stunning contrast to what unfolded in Washington, D.C.
Earlier in the day, Democratic control of the Senate – a thin possibility just a couple of months ago – suddenly seemed likely after strong showings by the Rev. Raphael Warnock and Jon Ossoff in Tuesday's Georgia Senate runoffs (both were declared the winners of their respective races by Wednesday afternoon). Stocks responded with a sharp morning lift.
Meanwhile, in Washington, a last-minute attempt to keep Congress from accepting the presidential election results fizzled as Vice President Mike Pence demurred and Senate Majority Leader Mitch McConnell discouraged overturning the vote. But those proceedings were interrupted by a violent pro-Trump mob, who attacked federal police and breached the Capitol, which had to be put on lockdown.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The Dow Jones Industrial Average, which flirted with 31,000 momentarily, still finished with an 1.4% gain to a record 30,829, led by the likes of Caterpillar (CAT, +5.7%) and Dow Inc. (DOW, +4.8%). And the small-cap Russell 2000 vigorously overtook its old highs, ramping up 4.0% to finish at 2,057.
Other action in the stock market today:
- The S&P 500 finished 0.6% higher to 3,748.
- The Nasdaq Composite pulled back 0.6% to 12,740, despite yet another big gain by Tesla (TSLA, +2.8%).
- U.S. crude oil futures finished up another 1.1% to $50.63 per barrel.
- Gold futures sank by 2.3% to $1,908.60.
- Bitcoin prices, at roughly $34,000 yesterday, neared $36,000 on Tuesday. (Bitcoin prices reported here are as of 4 p.m. each trading day.)
Investing in the New Washington Landscape
President-Elect Joe Biden's policy proposals won't all be rubber-stamped, given a thin Senate majority (courtesy of the vice presidential tiebreaker), but the Senate swing does accelerate some investment trends that hinged on Democratic control of Washington.
"The growth-into-value rotation may be reinforced after the results of the Georgia Senate election amid the prospect of a higher fiscal stimulus bill and steeper yield curve, which would benefit banks and other non-tech companies," says David Bahnsen, chief investment officer of The Bahnsen Group.
Indeed, many of our top picks in financials, industrials and materials finished solidly higher Wednesday. Industries benefiting most from Democratic control, such as green energy and marijuana stocks, also enjoyed robust gains.
Amid the change in political tides, we've taken another look at – and added to – our list of stocks poised to gain from a new White House tenant. Read on as we explore 17 picks that could reap the benefits of various policies that might be put in place over the next few years.
Kyle Woodley was long Bitcoin as of this writing.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
Kyle Woodley is the Editor-in-Chief of WealthUp, a site dedicated to improving the personal finances and financial literacy of people of all ages. He also writes the weekly The Weekend Tea newsletter, which covers both news and analysis about spending, saving, investing, the economy and more.
Kyle was previously the Senior Investing Editor for Kiplinger.com, and the Managing Editor for InvestorPlace.com before that. His work has appeared in several outlets, including Yahoo! Finance, MSN Money, Barchart, The Globe & Mail and the Nasdaq. He also has appeared as a guest on Fox Business Network and Money Radio, among other shows and podcasts, and he has been quoted in several outlets, including MarketWatch, Vice and Univision. He is a proud graduate of The Ohio State University, where he earned a BA in journalism.
You can check out his thoughts on the markets (and more) at @KyleWoodley.
-
Is Trump's Tax Plan Speeding Up the Looming Social Security Funding Crisis?
Social Security Social Security's combined retirement funds are running out of cash, and its insolvency date is expected to occur in less than a decade.
-
How to Keep Your Work Friends After You Retire
Work friendships can boost teamwork, lift your spirits, and make the job more fun. But when you retire, these friendships can fade. Here's a look at why that happens and what you can do about it.
-
Dow Rips 846 Points to New All-Time High: Stock Market Today
Fed Chair Jerome Powell seems ready to cut interest rates in the fall but will still rely on incoming economic data about inflation and employment.
-
Dow Retreats From a Record High: Stock Market Today
Quietly rising since April, Home Depot stock was conspicuously constructive Tuesday as high-profile tech names dragged equity indexes down.
-
Nasdaq Ends the Week at a New High: Stock Market Today
The S&P 500 came within a hair of a new high, while the Dow Jones Industrial Average still has yet to hit a fresh peak in 2025.
-
Stocks Swing Lower as Eli Lilly, Fortinet Spiral: Stock Market Today
The main indexes finished well off their session highs after a disappointing batch of corporate earnings reports.
-
What Tariffs Mean for Your Sector Exposure
New, higher and changing tariffs will ripple through the economy and into share prices for many quarters to come.
-
Dow Dives 542 Points on Soft Jobs Data: Stock Market Today
The last day of a busy week ends with the first greater-than-1% move in either direction in more than a month.
-
Dow Bleeds Red Due to Big Blue: Stock Market Today
Six of the official GICS sectors were in the green, led by communications services, technology and energy stocks.
-
How the Stock Market Performed in the First 6 Months of Trump's Second Term
Six months after President Donald Trump's inauguration, take a look at how the stock market has performed.