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Stocks Solid Ahead of Biden Event

EQUITIES

Stock markets started the session well, with the S&P 500 opening higher as traders looked ahead to the Biden-Harris transition team event, in which the President-elect is expected to outline stimulus plans amounting to as much as $2trl. These gains faded somewhat into the close, but downside still seems limited ahead of the Jan 20th inauguration.

Energy and industrials outperformed from the off, with communication services and consumer staples the weakest sectors in the S&P500.

European markets rallied smartly, with most indices adding 0.3-0.7%, although Italy lagged as domestic political pressure kept a lid on the index.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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