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

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

Welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

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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 BidenJoe BidenThe Memo: Georgia voters deliver blow to Trump Warnock win puts Democrats within reach of Senate majority Eric Trump warns of primary challenges for Republicans who don’t object to election results MORE‘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 TrumpDonald TrumpWarnock defeats Loeffler in Georgia Senate runoff The Memo: Georgia voters deliver blow to Trump Eric Trump warns of primary challenges for Republicans who don’t object to election results MORE 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 SchumerChuck SchumerJoy Behar spars with Meghan McCain: ‘I did not miss you’ while you were on maternity leave COVID-19 relief bill: A promising first act for immigration reform Ocasio-Cortez on challenging Schumer: ‘I’m trying to decide what is the most effective thing I can do to help our Congress’ MORE (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.

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.