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Dow Nears Record High as Biden Sworn in as U.S. President

Stock MarketsJan 20, 2021 03:38PM ET
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By Yasin Ebrahim

Investing.com – The Dow flirted with record highs Wednesday, underpinned by Netflix-led rally in tech and ongoing optimism for further stimulus, as Joe Biden was inaugurated president of the United States.

The Dow Jones Industrial Average rose 0.85%, or 247 points to $31,194.68, just below its intraday all time high of 31,223.78. The S&P 500 was up 1.50% while the Nasdaq Composite gained 2.1%. Both the S&P 500 and Nasdaq hit intraday all-time highs.

A slew of companies reported mostly better-than-expected quarterly results, boosting investor sentiment on stocks as the earnings season gathers momentum.

Among the notable reports for banks, Morgan Stanley (NYSE:MS) reported fourth-quarter results that topped analysts' expectations. Its share were largely unchanged on the day.

Bank of New York Mellon (NYSE:BK) slumped 7%, dragging the broader financials sector into the red, despite reporting better-than-expected results on the top and bottom lines for the fourth quarter.

Netflix (NASDAQ:NFLX), meanwhile, rallied more than 14% after it topped results and said it expected to be cash flow neutral this year and in subsequent years.

The positive upbeat guidance on free cash prompted bullish remarks from Wall Street analysts, though some questioned how much of the subscriber growth was pulled forward.

"[Netflix management] guide for 6 million 1Q21 net adds suggests a soft start … it remains unclear whether streaming growth will be subdued as the world (hopefully) emerges from COVID-19 later this year as dining out / travel / return-to-work habits and spending normalize," Credit Suisse (SIX:CSGN) said as it lifted its price target on the stock to $586 from $525.

The jump in tech comes just a week before Apple (NASDAQ:AAPL) and Facebook (NASDAQ:FB) kick off earnings for big tech.

Alibaba ADRs (NYSE:BABA) jumped 6% after founder Jack Ma made his first public appearance in three months following Chinese regulatory clampdown on his tech businesses.

Sentiment on stocks was also boosted by ongoing optimism for further stimulus as Biden, who was sworn in as the 46th U.S. president earlier on Wednesday, reiterated the importance of providing further fiscal relief to aid the economic recovery.

In other news, DraftKings (NASDAQ:DKNG) climbed more than 3% after Morgan Stanley upgraded its rating on the stock to overweight from equal weight on expectations for quarterly revenue to top estimates.

Dow Nears Record High as Biden Sworn in as U.S. President
 

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Comments (17)
maro turk
maro turk Jan 20, 2021 10:46PM ET
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Go go go god speedLeft trumpy in dust
Sam Donald
Sam Donald Jan 20, 2021 4:12PM ET
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the Trump nightmare is finally over!!!! Thank God!!
αντωνης κουλισογλου
αντωνης κουλισογλου Jan 20, 2021 4:10PM ET
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the Calm before the storm
Jared Ryan
Jared Ryan Jan 20, 2021 4:04PM ET
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Robinette?! Great middle name for a worthless man
Joel Schwartz
Joel Schwartz Jan 20, 2021 4:04PM ET
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Trump is a bad name for a steak
Matt Rustad
Matt Rustad Jan 20, 2021 4:04PM ET
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Joel Schwartz the man literally eats his steaks well done with ketchup. He’s a ****in man child and these people gave him nuclear codes.
DrFunkenstein hayson
DrFunkenstein hayson Jan 20, 2021 3:29PM ET
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what a fraud... compete sham
August Isava
August Isava Jan 20, 2021 3:07PM ET
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Trump is the best
Mox Mox
Mox Mox Jan 20, 2021 3:01PM ET
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Fruitcake wall Street pumping to please it's master
Mox Mox
Mox Mox Jan 20, 2021 2:58PM ET
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I am going to love seeing the demtards biting each others neck to death now they don't have a common enemy.
Santini Perico
Santini Perico Jan 20, 2021 2:33PM ET
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Finally got rid of the 4-year-stench. Gonna be weird having a president after so many empty wasted years.
Matt Kay
Matt Kay Jan 20, 2021 2:33PM ET
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Last 4 years were not empty. They were extremely damaging to the world.
Scot House
Scot House Jan 20, 2021 2:33PM ET
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Matt Kay BS. The workd milks us dry for money. Enjoy those higher taxes
maro turk
maro turk Jan 20, 2021 2:33PM ET
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Stinks
Angel Davila
Angel Davila Jan 20, 2021 2:21PM ET
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stop lying all the stocks are down
Mart Bab
Rubberduck1973 Jan 20, 2021 2:07PM ET
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Poor Trump. He thought market will crash with him gone. It seems he was a brake on progress
Jack Zhang
Jack_A Jan 20, 2021 2:07PM ET
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he is a liar.
Jared Ryan
Jared Ryan Jan 20, 2021 2:07PM ET
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Keep watching. Just like the market overreacted and dropped when trump elected now this pump is temporary. Funny, all the millenials doing well in mkt are about to get wrecked
Ryan Droege
Ryan Droege Jan 20, 2021 2:07PM ET
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market runs on debt. I think we will see lots of new highs.
dg whit
dg whit Jan 20, 2021 1:56PM ET
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lolol enjoy it. the next time we get this close will be courtesy of whatever new middle east war we get into
Casador Del Oso
Casador Del Oso Jan 20, 2021 1:54PM ET
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Is this the last hurrah for stocks? Joe's opening act of cancelling the pipeline with Canada has just cost thousands of jobs and wasted millions of dollars. What's next?
Mart Bab
Rubberduck1973 Jan 20, 2021 1:54PM ET
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And saved thousands of lives in future generations
Doug Coen
Doug Coen Jan 20, 2021 1:54PM ET
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because the 1000s of trucks that now have to haul that oil are much cleaner and safer that a pipe...yeah!
Scot House
Scot House Jan 20, 2021 1:54PM ET
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Mox Mox
Mox Mox Jan 20, 2021 1:54PM ET
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Mart Bab ahhahahahhahahahaha
Ryan Droege
Ryan Droege Jan 20, 2021 1:54PM ET
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Doug Coen and Warren Buffet's railroad. it will get quite a boost.
Matt Kay
Matt Kay Jan 20, 2021 1:49PM ET
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Time to spin up the printer again because... Stonks not high enough, I guess? Billionaires not rich enough?
Ryan Droege
Ryan Droege Jan 20, 2021 1:49PM ET
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yep, Matt. markets going higher. dont miss out
Notvery Goodathis
Peteymcletey Jan 20, 2021 1:43PM ET
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shut up
Taylor Huddlestun
Taylor Huddlestun Jan 20, 2021 1:42PM ET
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Matt Kay
Matt Kay Jan 20, 2021 1:42PM ET
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Feel free not to use it.
Ryan Droege
Ryan Droege Jan 20, 2021 1:42PM ET
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Why was a 10 year old picture used?
 
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