Wall Street hits record high as Netflix soars, Biden inaugurated

Wall Street closed Wednesday trading on a high note, posting a new record high as Joe Biden was sworn in as the 46th U.S. president, while solid turnouts from Netflix mounted a rally in shares.

Shares of Netflix spiked 16.85% after the world’s largest streaming service announced it would no longer be borrowing billions of dollars to finance its TV shows and movies.

Other entities of the FANG group also increased with Google parent Alphabet Inc. adding 5.36%. The NYSE FANG+TM index was up by 4.77%.

The Dow has increased around 57% and the S&P 500 inched up 68% since Donald Trump stepped into the White House on Jan 20, 2017.

Wall Street’s main indexes reached record highs in the past few months, with the blue-chip Dow soaring 13% since the presidential elections in November, as investors bet on a strong economic recovery in 2021 on the back of COVID-19 vaccine rollout and a bigger pandemic relief plan.