Wall Street apparently encouraged a change in leadership in the White House and produced one of its best returns in nearly four decades on the day of the inauguration of a new president.
Read: The performance on the stock market under Trump is only Obama and Clinton
The Dow Jones Industrial Average DJIA,
and the S&P 500 index SPX,
rose 0.8% and 1.5% respectively on Wednesday for their best Inauguration Day profit since Ronald Reagan took the oath of office for his second term in 1985, according to Dow Jones Market Data.
Dow Jones Market Data
The Nasdaq Composite Index’s rise of 2% was the best survey of Inauguration Day.
Dow Jones Market Data
On top of the substantial gains, the most important benchmarks have closed at all times.
Biden takes the reins as the nation continues its COVID-19 pandemic and continues to be plagued by deep divisions in American politics, perhaps best highlighted by the Capitol’s violent storm two weeks ago by Trump supporters, which led to the deaths of at least five people.
See: ‘Account’ ahead? Why are investors still ignoring the US policy of ’emerging markets’?
Biden emphasized the unity and recovery of the epidemic in his inaugural address, with the 46th president proposing a $ 1.9 billion coronavirus relief package that is likely to face challenges from Republican rivals, who are reluctant to address larger national deficits even to limit the depth of the virus-induced. economic recession.
Yet many investors see opportunities for further gains in the market as vaccines help bring about a healthy, if not rapid, backlash from the pandemic sometime in the second half of 2021.