The DOW Jones Climbs to Near Record High after President Joe Inauguration
In a stock market rally led by Netflix, the DOW rose to near-record highs, adding over 320 points as traders remained upbeat of fiscal stimulus. Concurrently, public companies reported better than expected earnings. The combination of what's ahead and bullish news from the stock market all bolstered investor sentiment, leading to high demand for key stocks, pushing major indices higher.
Several public companies, including Morgan Stanley, reported better than expected quarterly results, boosting the DOW as Netflix said it would be cash flow neutral this year. This, together with Joe's legislative agenda of even more free cash to aid economic recovery, led to positive comments from Wall Street, a fact that supported the DOW and the S&P 500 on Jan 20. Notably, this announcement is less than a week before Apple and Facebook make public their earnings results.
Impact on the DOW and Indices:
Bullish. Market participants remain confident on what lies ahead thanks in part to Joe's comments and his decision to offer fiscal aid, helping in fast-tracking economic recovery, a net positive for the stock market, still reeling from the effects of the coronavirus pandemic.
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