After one of the most controversial elections in history, Joe Biden was officially sworn in as the 46th President of the United States of America.
The former Vice President declared that Democracy had prevailed before adding that, “On this hallowed ground where, just a few days ago, violence sought to shake the Capitol’s very foundation, we come together as one nation, under God, indivisible, to carry out the peaceful transfer of power as we have for more than two centuries”.
Many believe that Biden will now have to repair what many called a “fractured” country as many Americans continue to be aligned with Donald Trump and his claims of a rigged election.
Biden will now become the oldest President in the history of the country.
NASDAQ, S&P 500 hit record highs
As a new President was inaugurated, Wall Street rallied to new highs, with both the S&P 500 and NASDAQ reaching new highs on Wednesday.
Since returning from the long weekend due to the MLK holiday celebrations, markets in the U.S. have risen, mainly led by hopes that Janet Yellen could be set to push through further financial aid to Americans.
The Benchmark S&P 500 climbed to an intraday high of 3856.25, as it edges closer to 4000. As of writing the NASDAQ was also up over 2% to seal new highs also.
Many believe we could see further highs this week as Q4 earnings season continues.
Earnings Season: Netflix reports huge Q4 earnings
Netflix was already one of the biggest winners of 2020, and this was further cemented as it released its Q4 earnings on Wednesday.
Revenue for the quarter came in at $6.64 billion vs $6.626 billion expected, with net paying subscribers rising to 8.5 million vs 6.47 million expected.
The streaming giant also reported that it had registered 37 million new subscribers last year, meaning that it now has over 200 million subscribers worldwide.
As of writing, shares in the company were up over 17% in today’s session.
Quote of the day – “Markets can remain irrational longer than you can remain solvent.”John Maynard Keynes
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Senior Market Analyst