US stocks were set to notch up more record highs on Thursday, as upbeat company earnings and President Joe Biden's stimulus plans combined to lift markets.
Investors rotated out of the dollar on Thursday morning, while Asian stocks rose sharply overnight on the premise that more spending from the US government will aid the global economy. On Wall Street the previous day, better-than-expected earnings from Netflix sparked a market rally that saw the tech-heavy Nasdaq jump 1.97% to a new record high. The S&P 500 climbed 1.39% while the Dow Jones rose 0.83%, also both hitting new all-time peaks.
The inauguration of Joe Biden as the 46th president helped the bullish mood, with his plans to "act big" with $1.9 trillion of stimulus broadly welcomed by markets, although some Republican opposition means the final total will likely be smaller. "US stocks roared higher on strong tech earnings and as President Biden was sworn in and is widely expected to unleash several well-telegraphed executive orders," said Edward Moya, senior market analyst at currency firm Oanda.
What a load of crap. It’s due to unlimited fed printing
They said the same thing with CyrilRamaphosa