FB - Markets at All-Time Highs as Biden Confirmed as President

Stocks rose to all-time highs on Thursday as Congress confirmed the election of Joe Biden as president.

The Dow Jones Industrials continued their rapid rise, taking on 264.74 points, to 31,094.14.

The S&P 500 hiked 54.21 points to 3,802.54, and also reached a record.

The NASDAQ resurfaced 264.32 points to 13,005.53, breaking above 13,000 for the first time — as shares of Facebook, Amazon, Apple, Netflix and Alphabet all gained at least 2%.

Shares of JPMorgan Chase rose 4.2% after the banking giant was upgraded to buy by an analyst at Bank of America. Walgreens Boots Alliance rose 5.7% to lead the Dow higher on the back of stronger-than-expected quarterly results. The financials and tech sectors rose more than 2% each to lift the S&P 500.

Late Wednesday evening, the Capitol building was secured and Congress reconvened to continue the process to confirm Biden's win. That affirmation came early Thursday morning with the House of Representatives and the Senate rejecting efforts to object to the acceptance of the Electoral College votes from Arizona and Pennsylvania.

Earlier on Wednesday, pro-Trump rioters stormed the U.S. Capitol just as lawmakers started the procedural process of counting the Electoral College votes and formally declaring Biden the winner.

Investors managed to look past the chaos in Washington, however, with the Dow posting a record close.

On the data front, initial jobless claims came in at 787,000 for the week ending Dec. 31, the U.S. Labor Department said. Economists polled by Dow Jones expected a print of 815,000.

Prices for the 10-Year Treasury collapsed, propelling yields to 1.08% from Wednesday's 1.03%. Treasury prices and yields move in opposite directions.

Oil prices removed two cents to $50.61 U.S. a barrel.

Gold prices jumped nine dollars to $1,917.60 U.S. an ounce.