default-output-block.skip-main
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

US Stocks Rally on Inauguration Day

Trading floor of the New York Stock Exchange. Flickr/Scott Beale.

Across the board, American stocks closed at new highs Wednesday after the inauguration of Joe Biden as the 46th US president. Both the S&P 500 and the Dow Jones Industrial Average saw their best Inauguration Day gains in four decades, since Ronald Reagan was sworn in for his second term in 1985.

The S&P 500 rose about 1.4 percent Wednesday, and the S&P Retail Select Industry Index increased about 0.4 percent in the same period. Major chains including Nike, Gap, Walmart and Lululemon all posted gains in the low single digits.

Typically it’s Republican presidents who drive the market upward after being elected, but analysts say Biden’s much anticipated $1.9 trillion coronavirus relief package as well as his pandemic task force will protect businesses struggling after nearly a year of disruption.

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Retail
Chronicle the ‘Retail Apocalypse’ and emerging retail models, including DTC brands.

By investing in an elevated product and shopping experience, Spanish retailers Inditex and Mango are seeing tremendous growth despite fierce competition from the likes of Temu and a cash-strapped consumer.


The ByteDance-owned app’s e-commerce play has been met with mixed response from users. Still, sales seem to keep ticking up.



view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
BoF Professional Summit - New Frontiers: AI, Digital Culture and Virtual Worlds - March 22, 2024
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
BoF Professional Summit - New Frontiers: AI, Digital Culture and Virtual Worlds - March 22, 2024