As the situation in Washington DC began to deescalate, the stocks went up. The Dow Jones Industrial Average increased by 300 points. Thanks to less number of unemployment claims.
This is a different situation for the economy of the country, in the wake of lockdown. Millions of Americans have lost their jobs due to the coronavirus pandemic. The number of people affected by coronavirus continues to rise.
But to the surprise of many, unemployment claims filed during the lockdown are far less in number than expected. This has brought the confidence of the investors back in the stock market as the companies are now thriving again. The shift from the utilities and consumer staples part of the market shows that the investors are looking for riskier investments. This trend is only seen if the investors are confident in the riskier stock because it offers more returns.
Even with Washington D.C. crippled due to recent protests, investors still believe that an economic turnaround is just around the corner. Despite all the chaos in the capital, the stock market still managed to maintain a bullish trend.
The business is set to thrive, thanks to the Congress that has certified Joe Biden’s victory in the 2020 Presidential Election. He will take the oath on January 20, 2021.
All the threats against possible charges on Capitol were immediately nullified by Donald Trump himself. He issued a statement with regards to the smooth transition of power to the President-elect.