European markets close higher ahead of Joe Biden’s inauguration
European stocks closed higher on Wednesday, ahead of the inauguration of President-elect Joe Biden.
The pan-European Stoxx 600 ended up by 0.7%, with autos adding 2.7% to lead gains as all sectors and most major bourses were in positive territory.
Investors around the world are watching Biden’s inauguration in Washington on Wednesday, which comes after a tumultuous few months of political upheaval in the U.S.
Biden will succeed President Donald Trump as the 46th president of the United States shortly after noon ET. His inauguration speech will focus on the need to bring the country together on the heels of a violent riot on Capitol Hill and amid extreme partisanship in Congress.
Investors will also be on the lookout for any further information about Biden’s $1.9 trillion Covid-19 relief plan announced last week. On Tuesday, Janet Yellen, Biden’s designated nominee for Treasury Secretary, endorsed higher aid spending and urged lawmakers to “act big.”
Stateside, stocks climbed for a second day, while a slew of strong corporate earnings boosted sentiment on Wall Street.
Reference: CNBC
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