Dow Jones Rockets 500 Points After Georgia Elections; Financial Stocks Surge; Coca-Cola Stock Sinks
The stock market appears to be on board with the results of the special Senate elections in Georgia. One of the races has been called by major media outlets for Democrat Raphael Warnock, while the other race is too close to call but has Democrat Jon Ossoff currently in the lead. If Democrats win both races, the party will have control of the Senate along with the House and the Presidency when President-elect Joe Biden is sworn in later this month.
The Dow Jones Industrial Average (DJINDICES: ^DJI) was up nearly 2% at 1:05 p.m. EST Wednesday, soundly beating the other major stock indices. Financial stocks were up big, with Goldman Sachs, JPMorgan Chase, American Express, and The Travelers Companies surging. Meanwhile, shares of Coca-Cola (NYSE: KO) slumped after a third analyst downgraded the stock.
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Source Fool.com
