Wall Street rallies as Biden enters the White House

Excerpt from:

Wall Street rallies as Biden enters the White House

By BEN WHITE and AUBREE ELIZA WEAVER – Politico Morning Money – January 21, 2021


Wall street greets Biden with a rally to record highs — As President Joe Biden took the oath of office, Wall Street hit new highs with major indices rising around 1-2 percent. Some of the reasons are obvious. Hope for fresh stimulus. A different and more aggressive approach to Covid-19 (see below on today’s executive actions). Fewer trade wars. Less general chaos flowing out of the Oval Office.

But it’s not just that. And it may not last. We asked some of our favorite traders and market strategists for their takes on Wall Street’s reaction to Biden. But first some context on just how well markets fared since Election Day…

Cumberland’s David Kotok: “Markets applaud order, good behavior and patriotic action including Pence and McConnell, not just Democrats. Chaos and dysfunctional disruption seems to be in retreat.”

Read the full story at Politico: https://www.politico.com/newsletters/morning-money/2021/01/21/wall-street-rallies-as-biden-enters-the-white-house-792889

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