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Wall Street appeared to be cheering for a change in leadership in the White House, producing one of its best returns in nearly four decades on the day a new president was inaugurated.
Lily: Stock market performance under Trump only trails Obama and Clinton
The Dow Jones Industrial Average DJIA,
and the S&P 500 SPX index,
Wednesday rose 0.8% and 1.5%, respectively, for their best gains on inauguration day since Ronald Reagan was sworn in for his second term in 1985, according to Dow Jones Market Data.
Dow Jones Market Data
The 2% rise in the Nasdaq composite index marked the best opening day rally on record.
Dow Jones Market Data
In addition to the big gains, the major benchmarks closed at all-time highs.
Biden takes the reins as the nation continues to recover from the COVID-19 pandemic and remains rocked by deep divisions in US politics, perhaps best evidenced by the violent storming of Capitol Hill ago two weeks by Trump supporters, which resulted in the deaths of at least five people.
See: “Account” to come? Why Investors Continue to Ignore US Emerging Market Policy
Biden underscored unity and recovery from the epidemic in his inaugural address, with the 46th President proposing a $ 1.9 trillion coronavirus relief package that is expected to face challenges from Republican rivals reluctant to fill larger national deficits, even to limit the depth of the viral crisis. economic recession.
Still, many investors see opportunities for further gains in the market if vaccines help spawn a healthy, if not rapid, pandemic rebound in the second half of 2021.
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