Democrat Senate win drives stocks higher, bonds lower

A US Capitol police officer shoots pepper spray at a protestor attempting to enter the Capitol building during a joint session of Congress to certify the 2020 election results on Capitol Hill in Washington, DC, the United States. Photo: Reuters

SINGAPORE: Bonds nursed losses while stocks and commodities gained on Thursday in anticipation of a big borrowing and big spending Democrat administration driving growth, following runoff elections that gave the party control of U.S. Congress.

U.S. Treasuries had suffered their steepest selloff in months after Democrat victories in two Georgia races handed them narrow control of the Senate, bolstering President-elect Joe Biden's power to pass his agenda.