to 4,200 from 4,050, citing the likelihood of Democrat-backed stimulus for their increasingly bullish view. The bank's analysts also upgraded a collection of cyclical sectors to "overweight" from "market weight" including industrials, materials, and energy stocks.
Concerns around Wednesday's storming of the Capitol were largely ignored by the time markets closed. A joint session of CongressTrumpsoon after the confirmation, deviating from previously steadfast claims that he won the election and would remain in the White House. "Even though I totally disagree with the outcome of the election, and the facts bear me out, nevertheless there will be an orderly transition on January 20th," the president said in a statement.Nine out of the 11 S&P 500 sectors gained through the day. Tech and consumer discretionary stocks outperformed, while utilities and consumer staples fell.