Joe Biden Sworn in as 46th President, Markets Close Higher
21 Jan 2021 · 3rd Party Analysis
- Joe Biden is officially sworn in
- Strong calls for unity
Joe Biden was sworn in as the 46th President of the United States yesterday in Washington DC, putting an end to a largely polarizing and difficult transfer of power. In his inaugural address on Wednesday afternoon, Joe Biden praised the resilience of the US democracy and called for unity at times when the nation is greatly troubled and needs to come together to move forward.
“Democracy has prevailed”, Mr. Biden said, without mentioning Donald Trump by name, but saying his predecessor had tested the political system by his refusal to concede the election loss. Mr. Biden addressed the nation in a 20-minute speech and urged the people to unite and tackle the raging pandemic and economic downturn. The new President called on Americans to “end the uncivil war that pits red against blue, rural versus urban, conservative versus liberal” as he also warned that the “winter of peril and significant possibilities” is not yet over.
“My whole soul is in this: bringing America together”, Joe Biden said in his speech as the ceremony unfolded, guarded by 25,000 troops at the US Capitol just two weeks after it was attacked by pro-Trump rioters. Mr. Biden also took the chance to emphasize the importance of the approval of economic and social relief during the pandemic as he appealed to US lawmakers to support his sweeping agenda. The large-scale spending proposed by Mr. Biden includes government spending and more aid to workers, traditionally democratic priorities. Additionally, the incoming President will be pushing for tax increases to stimulate the recovery. “It’s time for boldness, for there is so much to do,” he said.
By the end of his address to the nation, Joe Biden concluded on an optimistic note as he implored Americans to “write an American story of hope, not fear, of unity, not division, of light, not darkness. A story of decency and dignity, love and healing, greatness and goodness.”
A Positive Effect on the Markets
At 78 years old, the new president is the oldest incoming President. He will be joined by Vice President Kamala Harris, a former Senator from California. She will serve as the first black and first Asian-American Vice President.
As the incoming President took office on Wednesday, his first order of business was to reverse some of the controversial policies of Donald Trump. Mr. Biden signed a series of executive orders in the areas of climate change, racial injustice, and immigration.
The markets cheered the new administration in the White House. On the Day of Inauguration of the 46th US President, the Dow Jones Industrial Average moved higher by 0.83%, while the S&P500 rose 1.39%. The Nasdaq Composite Index climbed 1.97%, its best performance on an Inauguration Day in history. All three benchmark indexes closed at all-time highs yesterday, following the finalization of the inauguration.
Wall Street on Thursday, appears to be keeping the positive momentum from yesterday. US equity futures point higher, led by the Nasdaq, as investors prepare to enter trading later today.