Wall Street rallied to more record highs as investors hope the Democratic sweep of Washington means more stimulus is on the way for the economy.

The S&P 500 rose 1.5% Thursday after Congress confirmed Joe Biden as the winner of the presidential election and Jon Ossoff was declared the winner of a Georgia runoff election, tipping control of the Senate to Democrats.

Investors and analysts are anticipating Congress will try to deliver $2,000 checks to most Americans, increase spending on infrastructure and take other measures to nurse the economy amid the worsening pandemic.

Treasury yields continued to climb.