Stocks stretch record-breaking rally despite Capitol rioting

The stock market took gains Thursday in the wake of Congress affirming President-elect Joe Biden’s electoral victory after a mob swarmed the U.S. Capitol and delayed the process on Wednesday.

The Dow Jones Industrial Average closed with a gain of 211 points Thursday. The S&P 500 index rose 1.5 percent, setting a new intraday record, and the Nasdaq composite rose 2.6 percent.

Wall Street has largely brushed off the stunning occupation of the Capitol by an angry mob of President Trump’s supporters, who stormed the legislative building after the president urged them to march on Congress and not to accept his defeat in the 2020 presidential election.

At least four people died amid the chaos on Capitol Hill, which forced an evacuation of the Capitol, interrupted the peaceful transition of power and required scores of lawmakers, staffers and reporters to shelter.

Trump has refused to condemn the rioters, insisting instead that it was the natural result of Congress declining to yield to his baseless claims of widespread electoral fraud and his push to overturn the results of the election.

The violent scene ignited calls from dozens of Democrats for Trump’s impeachment, and members of his administration have considered invoking the 25th Amendment to remove him from office. 

Even so, the unprecedented rioting at the Capitol and the chaos it spurred did nothing to stop stocks from rallying. The Dow closed at a new record high Wednesday and the S&P came close to a new high, though the Nasdaq dropped 0.6 percent.

Updated at 6:32 p.m.