Markets Close at Record Highs on Day 1 of Biden Presidency

S&P 500 jumped 1.4%
By Newser Editors and Wire Services
Posted Jan 20, 2021 4:34 PM CST
Dow Surges 257 Points to Record High
In this photo provided by the New York Stock Exchange, traders watch as the Biden inauguration plays on a screen in a booth on the trading floor, Wednesday, Jan. 20, 2021.   (Colin Ziemer/New York Stock Exchange via AP)

Wall Street marked the dawn of President Joe Biden's administration with stocks rallying to record highs as hopes build that new leadership in Washington will mean more support for the struggling US economy. The S&P 500 rose 1.4%, topping its previous all-time high set earlier this month. The Dow Jones Industrial Average, Nasdaq composite, and Russell 2000 index of smaller companies also notched record highs, powered by gains in technology, communications, health care, and most other sectors, the AP reports. The S&P 500 rose 52.94 points to 3,851.85. The Dow gained 257.86 points, or 0.8%, to 31,188.38. The Nasdaq climbed 260.07 points, or 2%, to 13,457.25. The Russell 2000 picked up 9.48 points, or 0.4%, to 2,160.62.

Biden, now the nation's 46th president, has a flurry of executive actions at the ready. He has also pitched a plan to pump $1.9 trillion more into the struggling economy, hoping to act quickly as his Democratic party takes control of the White House and both houses of Congress. A better-than-expected start to earnings reporting season also helped lift the market Wednesday. Analysts came in with low expectations, forecasting the big companies in the S&P 500 will report a fourth straight drop in earnings per share because of the damage from the pandemic. But the vast majority of the earliest reports have managed to top forecasts. Netflix jumped 16.9% for the S&P 500's biggest gain after it said it ended last year with more than 200 million subscribers.

(More stock market stories.)

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