Stocks Opened Higher after Congress Certified Biden Victory

U.S. stocks opened higher on Thursday, as investors discounted the riots in Washington D.C. and instead looked forward to the potential for more fiscal stimulus under a Democratic-controlled Congress. The Dow Jones Industrial Average lately advanced 154.37 points, or 0.50%, to 30,983.77. The S&P 500 rose 28.80 points, or 0.77%, to 3,776.94. The Nasdaq Composite gained 145.00 points, or 1.14%, to 12,885.80.

Oil futures rose Thursday, extending gains scored the previous session after data showed a larger-than-expected drop in U.S. crude inventories. West Texas Intermediate crude for February delivery rose 26 cents, or 0.5%, to $50.89 a barrel. March Brent crude was up 7 cents, or 0.1%, at $54.37 a barrel.

Overnight, Congress certified President-elect Joe Biden’s victory in the Electoral College and formally recognized him as the next president.

New jobless claims unexpectedly steadied below 800,000 at the turn of the new year but still held at a historically elevated level, as the labor market struggled to regain traction amid the ongoing pandemic. New weekly unemployment claims came in at 787,000 for the week ended January 2, the Labor Department reported Thursday morning.