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Trump is handing Biden a booming stock market

January 20, 2021. Summarized by summa-bot.

Compression ratio: 19.9%. 1 min read.

Optimism about the end of the pandemic and support from governments and central banks have rescued the Trump stock market. Now, investors will see if those gains can hold under Joe Biden, who will be sworn in as the 46th president of the United States on Wednesday.

London (CNN Business)Optimism about the end of the pandemic and support from governments and central banks have rescued the Trump stock market.

Now, investors will see if those gains can hold under Joe Biden, who will be sworn in as the 46th president of the United States on Wednesday.

Stocks have gained about 13% since Election Day as of Tuesday — the best post-election market performance for a new president in modern history, according to CFRA Research.

"The idea that the stock market is booming is his only measure of what's happening," Biden said of Trump in the final presidential debate in October.

Oppenheimer said that while a correction — or a 10% decline in stocks from their recent peak — looks "increasingly likely," the odds that stocks will enter a new bear market, dropping 20% from recent highs, in the next year appear "fairly low. "

The latest: The streaming service told investors on Tuesday that it now has more than 200 million subscribers globally, after adding 8. 5 million in the fourth quarter of 2020 — beating its own expectations.

Janet Yellen, President-elect Joe Biden's nominee to lead the Treasury Department, has made clear the incoming administration will maintain a tough approach to dealing with China — setting the stage for prolonged tensions between the world's two biggest economies.

by summa-bot

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