On The Money: Dow closes at new record despite Capitol riot | Schumer says $2K checks will be top priority of Democratic-controlled Senate

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THE BIG DEAL—Dow closes at new record despite rioters’ attack on Capitol: Stock markets on Wednesday closed at new highs even as swarms of rioters mobbed the Capitol, interrupting Congress’s certification of President-elect Joe Biden’s electoral win.

The Dow Jones Industrial Average closed up 438 points, or 1.4 percent, to a new record of 30,829. The S&P 500 gained 21 points, or 0.6 percent, closing just shy of its previous record, while the tech-heavy NASDAQ dropped 78 points, or 0.6 percent.

Markets appeared unmoved by a violent mob’s successful breach of the Capitol and unprecedented interruption of the nation’s process of peacefully transferring power.

The intrusion by supporters of President Trump forced lawmakers and their staffs to shelter in place. The Hill’s Niv Elis has more here.

LEADING THE DAY

Schumer says $2K checks will be top priority of Democratic-controlled Senate: Senate Democratic Leader Charles Schumer (N.Y.) said on Wednesday that passing legislation to provide $2,000 stimulus checks will be one of the first orders of business once Democrats take control of the chamber on Jan. 20.

“One of the first things I want to do … is deliver the $2,000 checks to the American families,” Schumer told reporters during his first press conference after Tuesday’s runoffs elections in Georgia that put Democrats on track to regain control of the Senate for the first time since 2014.

• The Senate appears headed to a 50-50 split, with Vice President-elect Kamala Harris poised to cast any tie-breaking votes.
• Schumer declined to provide any details on how he would try to pass legislation for the $2,000 checks, such as whether it would be a stand-alone bill, part of a broader coronavirus relief package or the first measure called up for a vote.
• Spokespeople for Schumer didn’t immediately respond to a question about whether the leader wants to increase the stimulus checks under the latest stimulus deal from $600 to $2,000, or if the legislation he will offer would be for new checks in the amount of $2,000.

Here’s more from The Hill’s Jordain Carney. 

Private payrolls drop 123,000 in December, ADP data shows: The economy shed private sector jobs for the first time since April, the latest sign of a softening economic recovery.

Private payrolls fell by 123,000 in December, according to a monthly jobs report by ADP. Official Labor Department jobs data, which can vary significantly from the ADP report, is due out on Friday and is expected to show an uptick in the historically high unemployment rate.

The decrease in jobs comes as the country deals with its most severe COVID-19 surge, setting daily records for new cases, hospitalizations and deaths in December, a trend that has not abated in the new year. Niv Elis breaks it down here.

IRS starts challenging year with new round of stimulus payments: The IRS is kicking off a busy and challenging year by sending out the second round of stimulus payments to tens of millions of Americans.

The agency has already distributed many of the $600 payments just a week after President Trump signed the coronavirus relief bill into law. The Treasury Department on Tuesday released data showing that $112 billion in direct payments, of an estimated $164 billion in total, have been issued electronically.

Still, the IRS will face challenges in ensuring every eligible American receives their payment.

The Hill’s Naomi Jagoda explains why here.

GOOD TO KNOW

• Cannabis stocks soared Wednesday following Democrats’ showing in the Georgia runoffs, with the potential for a Democratic Senate majority raising investors’ hopes for the decriminalization of marijuana.
• The New York Stock Exchange reversed course again Wednesday, choosing to delist three major Chinese telecommunications companies.