Wall Street hits records as hopes build for more stimulus

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FILE – In this Nov. 5, 2020 file photo, a sign for Wall Street is carved in the side of a building. U.S. stocks are rising again Wednesday, Jan. 20, 2021, climbing toward records on stronger-than-expected earnings reports and continued optimism that an economic recovery is on the way. (AP Photo/Mark Lennihan, File)

Stocks rallied to record highs on Wall Street as traders hoped that new leadership in Washington will mean more support for the economy, which is still reeling from joblessness and business closures because of the pandemic.

The S&P 500 rose 1.4% Wednesday.

Joe Biden took the oath of office to become the 46th U.S. president and has already pitched a $1.9 trillion plan to help American families and businesses.

The hope is that the additional stimulus will help carry the economy until vaccinations get daily life closer to normal later this year.

Treasury yields rose.

Netflix soared after passing 200 million subscribers.

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