U.S. equity markets were modestly higher Wednesday morning as investors awaited the inauguration of President-elect Joe Biden.


The Dow Jones Industrial Average was higher by 100 points, or 0.33%, while the S&P 500 rose 0.57% and the Nasdaq Composite 1.2%, hitting a new record.

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The early advance has the major averages on track for gains on the first day of the Biden presidency after a strong four years under President Trump.

The S&P 500 rallied 67% over Trump’s tenure. The 13.73% annualized gain was the third-best during a presidency, trailing the index’s performance during only the Clinton (+15.18%) and Obama (+13.84%) presidencies. The Nasdaq, meanwhile, soared 138%, posting the best percentage gain under any president. Read more at FOX Business