Wall Street Welcomes Trump’s Promising Orderly Transfer of Power

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The US stock markets started trading with gains on Thursday. Investors on Wall Street are happy that President Donald Trump has finally promised an “orderly” transfer of power.

 

In the financial markets, it is also hoped that his successor Joe Biden will soon come up with a sizeable new support package to help the American economy through the corona crisis.

Shortly after the opening bell, the Dow Jones index was up 0.5 percent at 30,977 points. The broadly composed S&P 500 won 0.8 percent to 3780 points, and tech gauge Nasdaq gained 1.4 percent to 12,920 points.

Starbucks was up 0.3 percent in its first trading minutes. The well-known coffee chain has announced that financial director Patrick Grismer will leave next year. He will be succeeded by Rachel Ruggeri, who already holds a senior post at the company.

L Brands also advanced almost 2 percent. The company behind lingerie brand Victoria’s Secret reported that sales during the holiday season were above expectations.

Furthermore, American Airlines (plus 1.6 percent) has announced that it will no longer serve alcohol on flights to Washington.

According to the airline, this is a precautionary measure due to the unrest in the American capital. Twitter (minus 1.3 percent) and Facebook (plus 2.4 percent) also took action. They have temporarily shut down Trump’s accounts.

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