Stock hits all-time high, Biden breaks Hoover’s record for profit


US stocks closed at record highs on Wednesday as Joe Biden was sworn in as the 46th president – the new commander-in-chief setting a record for stock gains between his election and inauguration.

According to Marketwatch, S&P dropped by 13.3 percent during the same interval, breaking the record set by President Hoover in 1928, on Election Day, to finish 14 percent higher on Inauguration Day than the benchmark S&P. 500 index withheld.

Biden would have wasted little time turning the page on the Trump era, aides said, ranging from signing 15 executive actions in the afternoon to climate change in the economy to the COVID-19 epidemic.

“I’m not sure the politics of the inauguration did much, but certainly expect a trillion-plus in excitement,” said Ross Mayfield, investment strategy analyst at Baird in Milwaukee, Wisconsin.

Dow has gained nearly 57 percent and the S&P 500 gained nearly 68 percent since Donald Trump took office on January 20, 2017, before a 65 percent jump in the Dow and a 75 percent gain in S&P. Compares during tenure. Obama Administration.

Wall Street’s main index raised record heights over the past few months, with the blue-chip Dow jumping nearly 13 percent since the presidential elections in November, as investors backed a strong economic recovery behind the COVID-198 vaccine rollout in 2021 Bet on and a big epidemic relief plan.

Shares of the world’s largest streaming service Netflix said on Wednesday that it would no longer need to borrow billions of dollars to finance its TV shows and movies.

All the rest of the FAANG Group jumped in with earnings results in the coming weeks. The NYSE FANG + TM index also went up.

“This is a Take Outperformance Day that has been quite rare in the last two or three months because it has been sort of under cyclical rotation,” Mayfield said.

Nearly all of the 11 major S&P sectors advanced in afternoon business, with communications services, consumer discretionary and technology among the largest beneficiaries.

Wrapping the results of major US lenders, Morgan Stanley slipped despite posting quarterly profit, which blew past estimates driven by strength in its trading business.

With stock market valuations sitting at a 20-year high, investors are hoping that corporate results and profit outlooks will help them determine to what extent valuations are reasonable.

Informally, the Dow Jones Industrial Average rose 257.86 points, or 0.83 percent, to 31,188.38, the S&P 500 rose 52.94 points, or 1.39 percent, to 3,851.85 and the Nashik Composite rose 260.07 points, or 1.97 percent, to 13,457.25.

With Reuters

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