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S&P 500, Nasdaq scale highs as Netflix jumps, Biden inaugurated By Reuters

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© Reuters. FILE PHOTO: A sign is pictured on Wall Street in front of the New York Stock Exchange in New York City

From Echo Wang

(Reuters) – The and Nasdaq hit highs on Wednesday when Joe Biden was sworn in as the 46th US President, while solid results from Netflix (NASDAQ 🙂 sparked a rally in stocks of stay-at-home winners.

Shares of the world’s largest streaming service, Netflix, rose 18.08% and increased its market cap by nearly $ 40 billion after it was revealed it no longer required billions of dollars to borrow money to fund its TV shows and movies.

The rest of the FAANG group rose 5.59% based on results reported in the coming weeks with the Google Parent Alphabet (NASDAQ 🙂 Inc spike. The NYSE FANG + TM index gained 5.06%.

“The interesting thing about Netflix is ​​that they didn’t collapse when the economy collapsed. There was a thought that maybe COVID would actually be bad for them because people don’t want to spend money, but it was the opposite. Everyone signed up for these streaming services, “said Sylvia Jablonski, chief investment officer at Defiance ETFs in New York.

Biden will waste little time turning the pages of the Trump era, Aides said, signing a series of 15 executive actions in the afternoon on topics ranging from the COVID-19 pandemic to the economy to climate change.

“The market reacted to the election some time ago, and in a way that had a positive impact on President Biden’s appointment,” said Jablonski.

“Americans are ready for the next chapter and are taking some of that willingness and investing back in the market.”

The Dow is up about 57% and the S&P 500 is up about 68% since Donald Trump took office on January 20, 2017. That equates to a 65% increase in the Dow and a 75% increase in the S&P during the first term of the Obama administration.

Wall Street’s major indices have hit record highs in recent months. The blue-chip Dow has risen about 13% since the November presidential election as investors looked to a strong economic rebound in 2021 with the introduction of COVID-19 vaccines and a major pandemic relief plan.

Nearly all 11 of the major S&P sectors continued to perform in afternoon trading, with communications services, real estate and technology among the biggest winners.

Summary of the results of the major US lenders, Morgan Stanley (NYSE 🙂 declined 0.61% despite releasing a quarterly profit that beat estimates based on the strength of its trading business.

The broader banking index lost around 1.60% and fell on the third day.

With stock market valuations close to a 20-year high, investors are hoping that company results and earnings outlook will help them determine how well the valuations are warranted.

At 2:26 p.m. ET (1926 GMT), the S&P 500 rose 211.64 points, or 0.68%, to 31,142.16, the S&P 500 rose 51.63 points, or 1.36%, to 3,850.54, and the an additional 259.48 points or 1.97% to 13,456.66.

Procter & Gamble (NYSE 🙂 Co raised its full-year revenue forecast for the second time as it benefited from continued coronavirus demand for cleaning products. However, stocks fell 1.31% after warning that the pace of selling could slow with the introduction of vaccines.

UnitedHealth Group Inc (NYSE 🙂 was down 0.69% after the health insurer’s quarterly earnings slumped nearly 38%, weighed down by costs related to its programs to make COVID-19 tests and treatments more accessible to its customers close.

Advancing issues outperformed declining issues on the NYSE by a ratio of 1.79 to 1; On Nasdaq, a ratio of 1.10 to 1 favored the advanced.

The S&P 500 posted 53 new 52-week highs and no new lows. The Nasdaq Composite made 321 new highs and four new lows.

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