Stocks, US yields climb after Democrats win control of US Senate

Bond prices dropped and stocks hit record highs on Thursday, January 7, as investors bet Democratic control of the United States Congress would enable President-elect Joe Biden to borrow and spend heavily, while higher yields helped a bruised dollar recover from near 3-year lows.

"The market is now looking past Trump and it's looking forward to a Biden presidency, more structure and stimulus," said Dennis Dick, a trader at Bright Trading LLC. The pan-European STOXX 600 index rose 0.51% and MSCI's gauge of stocks across the globe gained 1.18%. Emerging market stocks rose 0.53%.

"The Georgia Senate elections just added a tailwind to existing trends of reflation and upward pressure on Treasury yields," said Bill Merz, head of fixed income research at US Bank Wealth Management in Minneapolis. On Thursday, it rose 0.549%, on track for its strongest session since at least late October, with the euro down 0.02% to $1.2268.

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