Major market indices reached record highs Wednesday as Joe Biden was sworn-in into office as the 46th president of the United States.
The Dow Jones Industrial Average ended the day in the green more than 250 points, or up 0.8 percent, to hit record territory at 31,188.38. The S&P 500 also jumped 53 points or 1.3 percent, to top its record closing level on Jan. 8, while the Nasdaq Composite advanced nearly 2 percent, or 260 points, for its highest close in the year to date.
A variety of retail stocks moved in tandem with those averages, with sportswear giant Nike Inc. up 2.5 percent, apparel and accessories group Gap Inc. up 1.9 percent, shoe retailer Foot Locker Inc. up 1.3 percent, discount department store Ross Stores Inc. up 0.9 percent and big-box chain Target Corp. up 0.07 percent.
Shares appeared to improve on hopes that the new administration would be able to offer much-needed support to the battered American economy, which has been grappling with the COVID-19 pandemic. Other areas of focus of Biden’s administration are climate change, security issues including arms, control, disarmament and multiple conflicts