US stocks gain ahead of Biden inauguration

NEW YORK: The Nasdaq led US stocks higher early Wednesday ahead of the inauguration of President-elect Joe Biden amid hopes for more stimulus spending and an improved rollout of coronavirus vaccines.

The broad-based S&P 500 has risen about nine percent since Biden was declared the winner of the November election, which came just ahead of regulatory approvals of the first Covid-19 vaccines.

Biden is expected to emphasize the need for national unity after the contentious presidency of Donald Trump.

About 20 minutes into trading, the Dow Jones Industrial Average was up 0.3 percent at 31,035.21, while the S&P 500 gained 0.7 percent to 3,826.46.

The tech-rich Nasdaq Composite Index stood above its record close at 13,374.52, up 1.3 percent.

The early gains Wednesday added to positive momentum from the prior session as Treasury Secretary nominee Janet Yellen argued for a robust fiscal package to support the coronavirus-ravaged US economy.

Among individual companies, Netflix shot up 12.7 percent as it reported better-than-expected subscriber growth in the past quarter.

The streaming television leader added some 8.5 million paid subscribers in the quarter to reach 203 million despite recent price hikes, its quarterly earning update showed.

Morgan Stanley gained 1.9 percent as it reported a 27 percent jump in fourth-quarter profits to $3.3 billion following a strong performance by its trading division.