The stock market rallied to a record close as President Joe Biden was sworn into office, sparking hopes for another stimulus package and smoother vaccine rollout ahead. A slew of strong quarterly results also boosted sentiment, including from Netflix which soared 16.9%.

The S&P 500 advanced 1.4% to a record close of 3,851.85, led by the communication services sector. 

Biden was inaugurated to succeed President Donald Trump as the 46th president of the United States. Investors remained hopeful that the 78-year-old Democrat’s $1.9 trillion Covid-19 relief plan will support the economic recovery and bolster earnings growth. Janet Yellen, Biden’s designated nominee for Treasury Secretary, on Tuesday endorsed higher aid spending and urged lawmakers to “act big.”

Biden also plans to sign more than a dozen executive orders to reverse many of those issued by Trump, including the so-called Muslim travel ban and the construction of a wall along the U.S.-Mexican border.

Corporations continued to turn in solid quarterly results as earnings and revenue rebounded from the pandemic lows.

Plan A : Long if market supported firm above 3835. Targets are 3850, 3866 and 3881.

Plan B : Short if market failed to support above 3835. Targets are 3810, 3780 and 3755.

U.S. stock futures edged higher in early morning trading on Thursday after the major averages hit record highs on inauguration day.

The tech-heavy Nasdaq Composite jumped nearly 2% to 13,457.25, notching a fresh record. The technology heavy index was helped by a 16% jump in Netflix’s stock on the back of the streaming giants strong earnings and subscriber results.

U.S. equities rose to record highs on Wednesday as the latest batch of strong corporate earnings rolled in, as Biden was sworn in as commander in chief.

Earnings season continues on Thursday with Baker Hughes, Union Pacific and Citrix reporting before the bell. Intel, IBM and CSX report after the closing bell on Thursday.

The Labor Department will release last week’s jobless claims data at 8:30 a.m. on Thursday. Economists polled by Dow Jones expect 925,000 Americans filed for unemployment last week, down from the previous week’s 965,000.

Plan A : Long if market supported firm above 13315. Targets are 13342, 13378 and 13409.

Plan B : Short if market failed to support above 13315. Targets are 13278, 13236 and 13189.