Stocks were touching records Wednesday as Wall Street bet Democrats would win control of the U.S. Senate.
Here are some of the market's biggest gainers for Wednesday:
1. PacWest Bancorp. | Percentage Increase 13%
PacWest Bancorp. (PACW) shares climbed after Wells Fargo analyst Jared Shaw recently upgraded the company to overweight from equal weight with a price target of $29, up from $20. Banking stocks in general were rising as investors expected the Democrats to win control of the U.S. Senate.
2. Caterpillar | Percentage Increase 7%
Heavy-equipment maker Caterpillar (CAT) advanced to an all-time high as apparent Democratic Party victories in the Georgia runoff elections sparked expectations of a massive infrastructure package.
3. TAT Technologies | Percentage Increase 31%
4. Change Healthcare | Percentage Increase 31%
Change Healthcare (CHNG) surged after UnitedHealth Group (UNH) said it would acquire the health technology company in a transaction valued at more than $13 billion. The deal will combine Change Healthcare with UnitedHealth’s OptumInsight unit to offer software, data analytics, technology and other services to the health care industry.
5. Summit Materials | Percentage Increase 16%
Summit Materials (SUM) rose after Stephens analyst Trey Grooms upgraded the building materials company to overweight from equal weight with a price target of $25, up from $19. Grooms says a federal infrastructure bill will be passed this year, which "should greatly benefit volume in 2022" for the material suppliers. Residential demand continues to be "incredibly robust" and homebuilders are planning for large increases next year.