Stocks rose on Wall Street Wednesday on expectations that Washington will deliver more stimulus for the economy, though some of the gains faded by late afternoon as political unrest gripped the nation's capital.
Investors piled into stocks of smaller companies, banks and other businesses that would be winners if the Democratic party, which secured control of the Senate following two runoff races in Georgia, pushes through more aid for the pandemic-ravaged economy. The yield on the 10-year Treasury topped 1% for the first time since March.
The S&P 500 rose 21.28 points, or 0.6%, to 3,748.14.
The Dow gained 437.80 points, or 1.4%, to 30,829.40.
The Nasdaq composite fell 78.17 points, or 0.6%, to 12,740.79.
The Russell 2000 index of smaller companies climbed 78.81 points, or 4%, to 2,057.92.
For the week:
The S&P 500 is down 7.93 points, or 0.2%.
The Dow is up 222.92 points, or 0.7%.
The Nasdaq is down 147.49 points, or 1.1%.
The Russell 2000 is up 83.07 points, or 4.2%.