Aussie stocks rally after Biden inauguration boosts Wall Street
The Australian stock market is lifting sharply in early trade, following the lead of Wall Street hours after Joe Biden was inaugurated as the country's 46th president.
In just 15 minutes the benchmark ASX 200 lifted by 0.8 per cent or 53 points to 6,823 points. The market has not been this high since late February, before the worst of the economic fallout as a result of COVID-19.
All sectors are currently up, with standouts including technology, materials and finance.
READ MORE: Wall Street hits records as Joe Biden is sworn in
This data, showing the preceding five days, shows a sharp lift following Biden's inauguration. Google Finance
It's extremely early in trade, but currently the big winner if buy-now-pay-later firm Afterpay, rising 5.49 per cent and closing in on $150 per share.
Afterpay is now more valuable than blockbuster companies such as Telstra, Transurban, Coles Gorup and pokie giant Aristocrat Group.
The Aussie dollar is currently buying 77 US cents, having lifted solidly but not overwhelmingly on the Biden inauguration.
For those still following along at home, cryptocurrency Bitcoin has leaked some value overnight, falling to $45,515 per coin.
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Afterpay's stock is currently crushing it. AAP
Wall Street hits records as Joe Biden is sworn in
US stocks rallied to records on Wednesday on encouraging earnings reports and continued optimism that new leadership in Washington will mean more support for the struggling economy.
The S&P 500 was 1.4 per cent higher at 3850 in afternoon trading, topping its record closing level of 3,824.68 set earlier this month.
The Dow Jones Industrial Average was up 237 points, or 0.8 per cent, at 31,168 as of 2pm Eastern time (6am AEDT), and the Nasdaq composite was 1.9 per cent higher.
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President Joe Biden pauses as he signs his first executive orders in the Oval Office of the White House on Wednesday, Jan. 20, 2021, in Washington. (AP Photo/Evan Vucci) AP
Joe Biden took the oath of office to become US president, and he has a flurry of executive actions at the ready.
He has also pitched a plan to pump US$1.9 trillion more into the struggling economy, hoping to act quickly as his Democratic party takes control of the White House and both houses of Congress.
The hope on Wall Street is that such stimulus will help carry the economy until later this year, when more widespread COVID-19 vaccinations get daily life closer to normal. Such hopes have helped stocks and Treasury yields rise, even as the worsening pandemic digs a deeper hole for the economy.
Spiralling coronavirus counts and deaths have more workers applying for unemployment benefits and shoppers feeling less confident.
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- Additional US reporting by Associated Press
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