- Joe Biden inaugurated as 46th US President
- S&P 500 and Nasdaq at new record highs
- European equities close higher
European indices finished today's session in green thanks to strong performance of the tech sector lifted by better-than-expected quarterly results from ASML (ASML.NL). Richemont (CFR.CH), Burberry (BRBY.UK) and Telia (TELIA.SE) also reported upbeat quarterly figures, while Hugo Boss (BOSS.DE) stock rose after Frasers (FRAS.UK) increased its stake in the company. Also investors welcomed the news that Italian Prime Minister Giuseppe Conte won a confidence vote that allowed him to remain in office.
In the US, Dow Jones rose 0.67% and both the S&P 500 and Nasdaq reached new record highs amid ongoing optimism for further stimulus, as Joe Biden was inaugurated president of the United States. During his speech, the new President urged to end the 'uncivil war' between factions. The 46th US President is expected to sign today 15 executive orders related to the pandemic, the economy, climate change and racial inequity, incoming Press Secretary Jen Psaki said. Meanwhile slew of companies reported mostly better-than-expected quarterly results, boosting investor sentiment on stocks as the earnings season gathers momentum. Netflix (NFLX.US) quarterly earnings came in below expectations, but the company stock surged today thanks to strong subscriber growth. Results from Morgan Stanley(MS.US), P&G (PG.US) and Bank Of New York Mellon (BK.US) surprised on the upside. UnitedHealth (UNH.US) figures bear expectations despite the fact that profit dropped nearly 38%.
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Open account Try demo Download mobile app Download mobile appUS crude futures are trading 0.50% lower at $53.23 per barrel, while Brent contract rose 0.25% above $ 56.00 per barrel as investors hope that new stimulus aid will increase fuel demand. Also, Treasury Secretary nominee Janet Yellen said yesterday that further fiscal support is needed to help the US economy. Elsewhere, gold futures rose 1.50% at $ 1,868.00 / oz, while silver is trading nearly 2.30% higher near $ 25.70 / oz. Bitcoin managed to recover early losses and is trading above $35,000 level.
Silver bounced off the support at $25.00/oz and is currently approaching major resistance at $26.00/oz. If buyers manage to break higher, then upward move could be extended to the recent high at $ 27.50/oz. On the other hand, if bulls fail to uphold momentum, then another downward impulse towards aforementioned support at $25.00 ( which coincides with 50 SMA) could be launched. Source: xStation5
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