Jan. 20, 2021
Good evening everyone! Welcome to a new episode of “Stocks Today”, explaining what forces moved the stocks in the U.S. equity market today (Wednesday, January 20, 2021).
What a day for the stock market today! All main indexes reached a new record high, with the S&P 500 up 1.39%, the Dow Jones up 0.83% and the Nasdaq up 1.97%.
Why did the stock market move today?
Enthusiasm for the inauguration of Joe Biden as 46th President of the United States was high and the ceremony was carried out peacefully without the need for police intervention.
Nothing specific was mentioned in the speech as far as the reforms for the economy are concerned. The last words on this matter were therefore the ones heard from Janet Yellen yesterday. Investors remain optimistic that fiscal stimulus will soon be introduced.
Stock of the day
After their earnings release reporting revenue higher than expected and a big increase in the number of new subscribers during the last quarter (8.5 million), investors in Netflix (NASDAQ: NFLX) saw their stocks jump 16.85% today.
The numbers generated euphoria also in other subscription-based streaming platforms from the tech sector, as can be seen in the sensible raise of the stock prices for Amazon and Alphabet (Google). This also affected the performance of the Nasdaq today.
That’s all for this Wednesday’s stock market update. Stay tuned to receive your daily update!