[Asia Economy New York=Correspondent Baek Jong-min] Major indices on the New York stock market celebrated President Joe Biden's inauguration by hitting record highs.
On the 20th (local time), the Dow Jones Industrial Average closed at 31,188, up 0.8% from the previous day; the S&P 500 rose 1.4% to 3,851.85; and the Nasdaq surged 2.0% to 13,457.25.
CNBC reported that all major indices reached intraday record highs and rallied throughout the day. The rally was attributed to expectations for Biden's economic stimulus measures and the distribution of COVID-19 vaccines.
President Biden has requested a $1.9 trillion economic stimulus package from Congress. Treasury Secretary nominee Janet Yellen also urged for more stimulus measures and emphasized the need for bold action during her hearing the previous day.
Although President Biden was inaugurated, the yield on the 10-year U.S. Treasury bond, which had risen due to stimulus concerns, stabilized. The bond yield recorded 1.08%, down 0.012 percentage points from the previous day. The dollar index also stood at 90.457, showing little change from the previous day.
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