Stocks Opened Higher ahead of Biden Inauguration

U.S. stocks opened higher on Wednesday, as investors looked ahead to the first actions of the incoming Biden administration. The Dow Jones Industrial Average lately rose 132.83 points, or 0.43%, to 31,063.35. The S&P 500 climbed 25.77 points, or 0.68%, to 3,824.68. The Nasdaq Composite gained 156.25 points, or 1.18%, to 13,353.43.

Oil futures advanced Wednesday, as traders penciled in expectations for aggressive pandemic aid spending by the incoming administration of Joe Biden. West Texas Intermediate crude for February delivery rose 44 cents, or 0.8%, to $53.42 a barrel. March Brent crude was up 30 cents, or 05%, at $56.20 a barrel.

On Wednesday, all eyes will turn to the inauguration of President-elect Joe Biden, which will take place at the West Front of the Capitol around noon in a scaled-down, socially distant event.

Morgan Stanley (MS) became the latest big bank to report a surge in trading revenue at the end of 2020, helping catapult the full-year results for Wall Street’s biggest equity trading shop to record levels. Overall, fourth-quarter net revenues grew 25% to an estimates-topping $13.6 billion, while net income grew by more than 50%.