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Nasdaq hits record high on Biden's Inauguration Day

Nasdaq hits record high on Biden's Inauguration Day
Netflix gains 15% to reach all-time high

By Ovunc Kutlu

ANKARA (AA) - US stocks opened higher and the Nasdaq and S&P 500 hit records Wednesday as President-elect Joe Biden is set to sign executive orders to undo policies of outgoing President Donald Trump's, after his inauguration.

The Dow Jones increased 136 points to 31,067 at 9.35 a.m. EDT (1435GMT), while the S&P 500 gained 26 to 3,825.

The Nasdaq jumped 163 points, or 1.2%, to a record 13,360, with techs leading the way as Twitter and Amazon each rising 2%.

While S&P 500 hit a record of 3,836 points at 9.50 a.m. EDT (1450GMT), shortly after the opening bell, Google's parent company also soared to new heights at $1,852.

Netflix stock soared more than 15% to an all-time high of $577.7 after the world's largest streaming service added more than 8.5 million subscribers from October-December and surpassed the 200 million mark, on top of $6.64 billion in revenue that was up 21.4% from the same period in 2019.

Morgan Stanley was up 1.5% after it reported a 54% increase in net income of $3.4 billion during the fourth quarter and a 26% rise in revenue of $13.6 billion.

The investment banking firm total income came in at $11 billion for 2020, a 22% gain from 2019, while total revenue was $48.2 billion, a 16% increase.

Shortly after he is sworn in around noon (1700GMT), Biden is expected to sign executive orders that may include canceling the controversial Keystone XL oil pipeline extension project, rejoining the historical Paris Climate Change Agreement, ending Trump's restriction on immigration from some Muslim-majority countries and making it mandatory to wear face masks on federal property and during interstate travel.

source: News Feed
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