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Dow is approaching record height as Biden was appointed President of the United States by Investing.com


By Yasin Ebrahim

Investing.com – When Joe Biden became president of the United States, the Dow shook at record highs on Wednesday, supported by Netflix-led rallies in technology and continued optimism for further inspiration.

The rise of 0.86%, or 264 points, was $ 31, 196.61, just below the daytime high of 31,223.78. Increased 1.45% and increased 1.97%. Both the S & P 500 and Nasdaq hit record highs during the day.

Many companies reported higher-than-expected quarterly results, boosting investor sentiment towards equities as the earnings season gained momentum.

In the bank’s notable report Morgan Stanley (NYSE :) reported fourth-quarter results that exceeded analysts’ expectations. The share was almost unchanged on the day.

The Bank of New York Mellon (NYSE :) plunged 7%, pulling the broad financial sector into the red, despite reporting better-than-expected results at the top and bottom lines in the fourth quarter.

Meanwhile, Netflix (NASDAQ :) said it expects to recover more than 14% after surpassing the results and expect cash flow to be neutral from this year onwards.

Positive and cheerful guidance on free cash prompted bullish remarks from Wall Street analysts, but some questioned how much faster subscriber growth was.

“”[Netflix management] A guide to adding 6 million 1Q21 nets suggests a soft start … as the world (hopefully) emerges from COVID-19 later this year as eating out / travel / return to work habits and spending normalize. It is unclear if streaming growth will be curtailed. , ” Credit suisse (SIX :) said it raised its stock price target from $ 525 to $ 586.

The tech leap happens just a week before Apple (NASDAQ :) and Facebook (NASDAQ :) start making big tech revenue.

Alibaba ADR (NYSE :) surged 6% after its founder Jack Ma was first released three months after the crackdown on regulations on China’s tech business.

Equity sentiment was also boosted by continued optimism about further stimulation as Biden, 46.th At the beginning of Wednesday, the US President reiterated the importance of providing further financial relief to support the economic recovery.

In other news, DraftKings (NASDAQ :) rose more than 3% after Morgan Stanley upgraded its stock rating from the equivalent weight of quarterly earnings forecasts to the highest estimate.

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Dow is approaching record height as Biden was appointed President of the United States by Investing.com

https://www.investing.com/news/stock-market-news/dow-nears-record-high-as-biden-sworn-in-as-us-president-2394188 Dow is approaching record height as Biden was appointed President of the United States by Investing.com

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