SPONSORED:

Stocks rise as Wall Street watches Georgia Senate races

Stocks rise as Wall Street watches Georgia Senate races
© Getty Images

Stocks took gains Tuesday as Georgians cast their final votes in two runoff elections that will determine which party will control the Senate.

The Dow Jones Industrial Average closed with a gain of more than 160 points Tuesday. The S&P 500 index rose 0.7 percent and the Nasdaq composite gained 1 percent.

After kicking off 2021 with losses, the stock market bounced back Tuesday with Wall Street focused on the results of the Senate races in Georgia and their implication for President-elect Joe BidenJoe BidenHouse Democrats pass sweeping .9T COVID-19 relief bill with minimum wage hike Biden to hold virtual bilateral meeting with Mexican president More than 300 charged in connection to Capitol riot MORE’s agenda.

ADVERTISEMENT

Sen. Kelly LoefflerKelly LoefflerKelly Loeffler's WNBA team sold after players' criticism Please, President Trump: Drop your quest for revenge and help the GOP The Hill's Morning Report - Presented by The AIDS Institute - Finger-pointing on Capitol riot; GOP balks at Biden relief plan MORE (R-Ga.) is seeking a full term against Democratic challenger Raphael Warnock after she was appointed to complete the term of former GOP Sen. Johnny IsaksonJohnny IsaksonLoeffler leaves door open to 2022 rematch against Warnock Perdue on potential 2022 run: GOP must regain the Senate Bottom line MORE. Former Sen. David PerdueDavid PerduePlease, President Trump: Drop your quest for revenge and help the GOP The Hill's Morning Report - Presented by The AIDS Institute - Finger-pointing on Capitol riot; GOP balks at Biden relief plan Georgia's GOP-led Senate passes bill requiring ID for absentee voting MORE (R-Ga.), whose first term ended Sunday, is seeking a second stint in the upper chamber against Democratic candidate Jon Ossoff.

Republicans currently hold a 51 to 48 majority over the Democrats and need either Loeffler or Perdue to win to maintain control of the Senate and stymie Biden’s most ambitious plans. If both lose, Democrats would be able to control an evenly divided Senate when Vice President-elect Kamala HarrisKamala HarrisExclusive: How Obama went to bat for Warren To unite America, Biden administration must brace for hate Democratic strategists start women-run media consulting firm MORE is sworn in on Jan. 20 and assumes the role as the upper chamber's tiebreaker.

The battle over the Senate will also influence how ambitious Biden and Democrats can be when the incoming president proposes a promised follow-up to the $900 billion economic relief package signed by President TrumpDonald TrumpBiden to hold virtual bilateral meeting with Mexican president More than 300 charged in connection to Capitol riot Trump Jr.: There are 'plenty' of GOP incumbents who should be challenged MORE last month. Ossoff and Warnock have both campaigned on a promise to help Biden and Democrats approve a measure to increase the $600 stimulus checks passed through that package to $2,000.

Updated at 4:41 p.m.