Stock Market Reaches Record High As President Biden Is Inaugurated
By Bill Galluccio
January 20, 2021
Investors reacted positively as President Joe Biden was sworn into office on Wednesday (January 20), sending stocks to record highs. The Nasdaq set a new record, finishing the day at 13,457. The S&P 500 also set a new record after a gain of nearly 53 points to close at 3,851.
The Dow Jones Industrial Average jumped by 257 points closing the day at 31,188.
The Nasdaq was buoyed by Netflix, which was up more than 17% after announcing it added 8.5 million subscribers in the final three months of the year.
Investors are betting that the orderly transition of power, coupled with the continued distributions of COVID-19 vaccines, and President Biden's plan to provide an additional $1,400 in relief to Americans, will help boost the economy in 2021.
"I believe we will be able to turn the page," Kristina Hooper, Invesco's chief global market strategist, told CNBC. "I expect markets to continue to move in expectations of a robust recovery later in 2021 when vaccines are broadly distributed."
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