The highest rise in 36 years from the inauguration date of the President
Reflecting expectations for large-scale stimulus and vaccine distribution
On the day of US President Joe Biden’s inauguration, New York’s three major stock markets rallied. Photo = REUTERS
On the 20th (local time), the inauguration of US President Joe Biden, the New York stock market all rose.
The Dow Jones 30 Industrial Average of the New York Stock Market closed at 31,188.38, up 257.86 points (0.83%) from the previous length. The market closed at 13,457.25, respectively, up 260.07 points (1.97%).
Based on the inauguration date of the previous US president, the Dow and S&P 500 indexes were the best in 36 years since the start of the second term of office of former President Ronald Reagan in 1985. The Nasdaq index is the highest rate ever in history on the day of the presidential inauguration.
Netflix, which said it had surpassed 20,000 subscribers last year, soared 17% on that day. Google’s parent company Alphabet was 5.36%, Facebook 2.44%, Apple 3.29%, and Amazon 4.57%. The electric car Tesla also rose 0.7%.
The rise in the index appears to reflect expectations that President Biden will implement a large-scale booster package and speed up the spread of the novel coronavirus infection (Corona 19) vaccine. Recently, President Biden’s $1.9 trillion additional stimulus plan included a cash payment of $1,400 and additional unemployment benefits for the unemployed.
Biden’s administration is in a policy of rushing to distribute vaccines and putting all efforts into the’war against Corona 19′, such as obligating the wearing of masks, so there is a prospect that economic activities can normalize as early as the second half of this year. Christina Hooper, global market strategist at Invesco, said, “The market will continue to move in anticipation of a vigorous recovery in the second half of 2021 when the vaccine is widely distributed.”
International oil prices were mixed. West Texas crude oil (WTI) for March delivery on the New York Commercial Exchange (NYMEX) closed at $53.31 per barrel, up 0.6% ($0.33). The March Brent crude on the London ICE Futures Exchange is trading at $55.77, down 0.2% ($0.13) per barrel at 4:40pm. Gold for February delivery closed at $1,866.50, up 1.4% per ounce ($26.30).
Sesung Oh, reporter of Hankyung.com [email protected]
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