Markets Cheer As Biden Takes Over As U.S. President

As Joe Biden took charge as the 46^th U.S. President, stock markets around the world soared, riding on his promise to rebuild the world’s largest economy and his $1.9 trillion stimulus plan. Wall Street hit new records, with the three indices (Dow Jones, Nasdaq and S&P 500) posting all-time highs. Adding to the bullish sentiment was the fact that the inauguration ceremony passed off peacefully.

Shortly after taking over, Biden signed a host of executive orders, including steps to control the pandemic that has wreaked havoc in the United States and killed 400,000 people so far, the most in any country. One of the executive orders mandates that people wear masks and maintain social distancing on federal property. Wearing masks isn’t a partisan issue—it’s a patriotic act that can save countless lives, said Biden.

Bourses in Europe gave the thumbs up as well. While the FTSE (London) gained 0.4 per cent, DAX (Frankfurt) was up 0.8 per cent and CAC 40 added 0.5 per cent.

There was cheer on Dalal Street as well. The Sensex touched 50,000 for the first time, even went beyond. Part of it was linked to hopes of bold economic reforms in the upcoming annual budget.