US stock markets closed at new highs on Wednesday. Investors have responded positively to the inauguration of Joe Biden as the new President of the United States. Moreover, the positive reports were also being felt about Netflix, which now has over 200 million subscribers.
The Dow Jones index rose 0.83 percent to 31,188 points, while the S&P 500 posted gains of 1.39 percent to 3,852 points. The Nasdaq index rose 1.97 percent to 13,457 points.
Investors are expecting Joe Biden to take over as President of the United States to have a major impact on the economy. In addition, the new president also promised to work in the fight against the Coronavirus. These elements are expected to continue to have a positive impact in the coming weeks.
Since Joe Biden won the US presidential election in early November last year, the Dow has gained 13 per cent in value. After all, investors are expecting a solid US return this year.
Since Donald Trump first entered the White House as president four years ago, the Dow has made nearly 57% of the gains. The S&P 500 saw a 68 percent improvement. During Barack Obama’s first term, these two indicators registered increases of 65 percent and 75 percent, respectively.
Netflix stock gained 16 percent of the value thanks to an excellent results report. This positive sentiment has also echoed in a large number of other tech stocks, which have also posted gains. The technology sector as a whole showed an increase of 2 percent.
Procter & Gamble was forced to swallow a slight drop after the company reported that mass vaccinations could reduce sales of its cleaning products. UnitedHealth has also had to abandon the ground due to the costs the company has incurred to make its testing programs affordable for customers.
Morgan Stanley also lost its value, despite better-than-expected quarterly results.