Stock market hits record highs as Joe Biden takes office on Inauguration Day
Written by on January 21, 2021
The stock market climbed to record highs Wednesday as President Joe Biden was sworn into office. The Dow Jones Industrial Average climbed 257.86, or 0.83%, to rise to a new record high of 31,188.38, while the S&P 500 gained 1.45% and the Nasdaq Composite rose 1.97% both also reaching record highs.
Markets reacted to Biden being sworn in as president as he has promised a $1.9 trillion stimulus bill, $1,400 payments to Americans, and his incoming Treasury Secretary Janet Yellen has urged lawmakers to “act big” on further relief spending.
Netflix stock led the tech-heavy Nasdaq’s big day, rising 16.85% after the company reported 8.4 million global paid net subscriber additions, surpassing analysts’ predictions of 6.47 million. Other top stock gains Wednesday afternoon included Utz Brands, Teladoc Health, Collectors Universe and Polaris.
Editorial credit: Bart Sadowski / Shutterstock.com