- The S&P 500 hit a new all-time high on Wednesday.
- Financial stocks post impressive gains on rising Treasury yields.
The S&P 500 Index (SPX) It opened in positive territory, but saw an impressive rebound and hit a new record as investors await additional government spending with Democrats taking control of the United States Senate. At time of writing, the SPX was up 1.3% on the day at 3,775.
S&P 500 Major Changes
The 10-year US Treasury yield rose to its highest level in 10 months and was last seen gaining nearly 9% to 1.044%. Among the top 11 sectors in the S&P 500, the rate-sensitive financial index is the best performer on Wednesday, rising more than%.
Meanwhile, Zions Bancorporation NA (ZION: NASDAQ) is the biggest daily percentage winner, up 11.45% to $ 48.60. On Tuesday, Baird announced that it had raised its target price for ZION to $ 45 from $ 41.
Additionally, Centene Corp (CNC: NYSE), the largest Medicaid managed care organization in the US, is capitalizing on the prospects of a Democratic majority and is up 10.5% on the day to $ 67.45.
On the other hand, Alexandria Real Estate Equities Inc (ARE: NYSE) and Equifax Inc (EFX: NYSE) shares lost more than 3% as the worst performing of the day.