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Stocks Hit All Time Highs on 46's First Day

EQUITIES

Equity markets welcomed the smooth inauguration of Joe Biden as the President of the United States, hitting new all time highs in the process. The S&P 500 rallied to just shy of the 3,850 mark, with communication services and real estate sectors the main beneficiaries. Netflix performed particularly well, adding over 15% (near $40bln in market cap) after beating expectations on post-market earnings Tuesday.

European markets lurched higher alongside their US counterparts, with core European indices rising as much as 0.8%. Italian stocks outperformed, rising over 1% as the political crisis evident earlier in the week continued to abate.

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