Markets in the United States were mostly in the green on Wednesday as Democrats were in poll position to win two Senate seats in Georgia’s run-off election.
The S&P 500 rose for a second consecutive day, climbing by 0.71% as of writing.
The Dow Jones was also up, gaining 1.26%, with the tech-heavy NASDAQ fell by 0.47%.
This was despite protesters storming the Capitol as the confirmation vote for President-elect Joe Biden was taking place in Washington. The security threat resulted in Vice-President Mike Pence and Senator Charles Grassley being escorted to a secure location while the Senate chamber was evacuated. Lawmakers were also instructed to stay away from exterior doors and windows due to the security threat.
The Georgia runoffs have seen Democrats increase their chances of gaining control in the U.S. Senate as Pastor Raphael Warnock had been declared the winner in one race and Jon Ossoff currently leads in the other.
If Democrats win both, it would be the first time since 2009 they will be in control of the Senate.
FTSE 100 rallies to highest level since March
The FTSE 100 rose to its highest level in March of last year despite the UK currently being under national lockdown restrictions.
London’s main index was up by 3.47%, gaining roughly £61 billion in value. This comes despite data today showing that British car sales were at their lowest since 1992.
Many believe that the FTSE 100 may continue to rise as the UK no longer has the cloud of Brexit looming over it.
J.P. Morgan helps Bitcoin reach $35,000
Bitcoin set a new high today, this time climbing over $35,000, as one time critic J.P. Morgan stated that the coin has the potential to reach $146,000.
The bank believes that Bitcoin, which many call “digital gold”, is already showing signs of rivalling the metal as a haven asset.
A statement from a senior member of the firm read that, “Bitcoin’s competition with gold has already started in our mind, Considering how big the financial investment into gold is, a crowding out of gold as an ‘alternative’ currency implies big upside for bitcoin over the long term”.
BTCUSD hit an intraday high of $35,844 as of writing.
Quote of the day – “When gambling, the odds are always fifty-fifty, either you win, or you lose”.J. Paul Meyer
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Senior Market Analyst