Global Market Square
The U.S. stock market rose Wednesday, reaching record highs after President Joe Biden was sworn-in.
As investors were busy glued to their TVs watching the democratic transfer of power, the focus continues to be on the Biden administration and the expectation of a $1.9 trillion relief package.
Just about two-thirds of the companies on the S&P 500 were in positive territory during the session. The Nasdaq Composite rose almost 2% to a new record. The index received a massive lift from Netflix (NFLX) after surpassing 200 million subscribers in its recent earnings release. The company’s stock closed at 585.81, up $84.01, or 16.75%.
In our view, the stock rotation is beginning as investors will return to look for growth, and not just any growth, but sustained growth.
Wall Street summary for January 20, 2021,
- The Dow Jones Industrial Average closed at 31,188.38, up 257.86 points, or 0.83%.
- The Standard & Poor’s 500 closed at 3,851.85, up 52.94 points, or 1.39%.
- The Nasdaq Composite Index closed at 13,457.25, up 260.07 points, or 1.97%.
- The Birling Capital Puerto Rico Stock Index closed at 2,193.71, up 7.96 points, or 0.36%.
- The U.S. Treasury 10-year note closed at 1.10%
- The U.S. Treasury 2-year note closed at 0.13%
Global Market Square is presented by Birling Capital