Take your pick as to which data or event was more important last week.

Last week was unbelievable. An unexpected result in the Georgia run-off election, control of the Senate turned over to the Democrats, a riot in the Capitol with an invasion of the Capitol building, a wealth of economic data most of which was a surprise to investors, political division widening the gap between the two parties and the surge in the virus increasing deaths to record levels. Given all these events, one would have thought investors would be selling stocks and increasing cash holdings. That is not what happened, as stocks rose by 1.5% for the week led by a huge surge in bank stocks.