Stocks close higher post records as jobless claims slip in the U.S. The major averages gained after President-elect Joe Biden was formally recognized by Congress after the chaos of yesterday at the Capitol. President Trump has promised an "orderly transition" on January 20 and the market appears to be betting on a sizable increase in federal stimulus after the handoff of power to a new party. ECONOMIC EVENTS: In the U.S., initial jobless claims declined 3,000 to 787,000 in the week ended January 2. The trade deficit rose 8.0% to $68.1B in November, which was larger than expected and the second largest deficit on record. The ISM services index rose 1.3 points to 57.2 in December, which was stronger than expected. In political news, Reuters reported that Treasury Secretary Steven Mnuchin is expected to serve out his term until the inauguration of President-elect Joe Biden on January 20. Sources told Reuters that Mnuchin and other key Treasury officials will remain in office to continue working on various policy initiatives, including domestic stimulus measures. TOP NEWS: Facebook ($FB) CEO Mark Zuckerberg, in a post on the site, said that the "shocking events of the last 24 hours clearly demonstrate that President Donald Trump intends to use his remaining time in office to undermine the peaceful and lawful transition of power to his elected successor, Joe Biden." In that context, Facebook is extending the block it placed on Trump's Facebook and Instagram accounts indefinitely and "for at least the next two weeks until the peaceful transition of power is complete." Meanwhile, Twitter ($TWTR) also put a pause on President Trump's account that is ongoing but scheduled to be lifted later today. The company has not yet stated whether it will lift or extend its own ban. Additionally, Kotaku reported that Amazon's ($AMZN) Twitch has disabled Donald Trump's Twitch account, with a spokesperson telling Kotaku in an email: "Given the current extraordinary circumstances and the President's incendiary rhetoric, we believe this is a necessary step to protect our community and prevent Twitch from being used to incite further violence." In earnings news, Walgreens Boots Alliance ($WBA) shares were up 5.2% and Constellation Brands ($STZ) rose 2.3% following the quarterly reports from the pharmacy operator and beer maker. However, Bed Bath & Beyond ($BBBY) shares finished the day 11% lower after the retailer's Q3 results and forward guidance missed estimates. In SPAC news, shares of Social Capital Hedosophia Holdings Corp. V ($IPOE) surged over 58% higher after Social Finance, or SoFi, entered into an agreement with Chamath Palihapitiya's blank check company to come to the public markets. The transaction values the company at an equity value of $8.65B post-money. MAJOR MOVERS: Among the noteworthy gainers was 3D Systems ($DDD), which has about doubled in market cap after it provided upbeat Q4 revenue guidance. Also higher was Plug Power ($PLUG), which gained more than 35% after it said it would receive a $1.5B strategic investment from SK Group. Among the notable losers was Magnite ($MGNI), which declined 6.2% after Spruce Point named the stock as a short idea, saying it sees up to 50% downside for the shares. Also lower was American Express ($AXP), which slid 1% following The Wall Street Journal's report that inspectors general offices of the Treasury Department, Federal Deposit Insurance Corp. and Federal Reserve are investigating whether AmEx used aggressive and misleading sales tactics to sell cards to business owners and whether customers were harmed. Reviewing Thursday's economic data:The ISM Non-Manufacturing Index rose to 57.2% in December (Briefing.com consensus 54.7%) from 55.9% in November. The dividing line between expansion and contraction is 50.0%. The December reading reflects a faster pace of expansion than the prior month, and it is the seventh consecutive reading above 50.0%.The key takeaway from the report is that the Employment Index, which dipped below 50.0%, blemished an otherwise solid snapshot of the services sector in December.Initial claims for the week ending January 2 decreased by 3,000 to 787,000 (Briefing.com consensus 752,000). Continuing claims for the week ending December 26 decreased by 126,000 to 5.072 million.The key takeaway from the report is that initial claims are still coming in at a stubbornly high level, which sends a poor signal about the state of the labor market.The U.S. trade deficit widened to $68.1 billion in November (Briefing.com consensus -$67.1 billion) from an unrevised $63.1 billion in October.The key takeaway from the report is that it showed another increase in exports and imports, indicating an uptick in global trade.Russell 2000 +6.2% YTDDow Jones Industrial Average +1.4% YTDNasdaq Composite +1.4% YTDS&P 500 +1.3% YTDMarket SnapshotDow31041.07+211.73(0.69%)Nasdaq13067.48+326.69(2.56%)SP 5003803.79+55.65(1.48%)10-yr Note -4/321.075NYSEAdv 1908 Dec 1193 Vol 1.1 blnNasdaqAdv 2777 Dec 946 Vol 6.6 blnIndustry WatchStrong: Information Technology, Financials, Consumer Discretionary, EnergyWeak: Consumer Staples, UtilitiesMoving the Market-- Positive momentum carries market to all-time highs-- Strength in technology and financial stocks; former benefited from buy-the-dip mindset while the latter benefited from curve-steepening activity-- 10-yr yield continued to rise amid speculation for more fiscal stimulus Disclosure: I may trade in the ticker symbols mentioned, both long or short. 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