Wall Street seemed to cheer up a change of leadership in the White House, producing one of its best returns in nearly four decades on the day of the inauguration of a new president.
Read: Stock market performance under Trump only targets Obama and Clinton
Dow Jones Industrial Average DJIA,
and the S&P 500 SPX index,
on Wednesday they rose 0.8% and 1.5%, respectively, for the best earnings on their Inauguration Day since Ronald Reagan took the oath of office for a second term in 1985, according to Dow Jones Market.
Dow Jones market data
The 2% increase in the Nasdaq Composite Index marked the best Opening Day rally on record.
Dow Jones market data
In addition to the considerable gains, the main landmarks closed at historic highs.
Biden takes the reins as the nation continues to move away from the COVID-19 pandemic and remains shaken by deep divisions in American politics, perhaps best highlighted by the violent assault on the Capitol two weeks ago by Trump supporters, who led at least five people die.
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Biden highlighted unity and recovery from the epidemic in his inaugural address, with President 46 proposing a $ 1.9 trillion coronavirus aid package that could face challenges from Republican rivals who do not want to form even larger national deficits. and to limit the depth of the viral inducer. economic recession.
However, many investors see opportunities for new gains in the market if vaccines help achieve a healthy, if not rapid, recovery from the pandemic sometime in the second half of 2021.