<p>World stock markets rose Wednesday as Joe Biden took the oath of office, in part owing to the new US president's coronavirus stimulus proposal.</p>.<p>Wall Street stocks pushed higher in midday trading, with the Dow gaining 0.6 percent.</p>.<p>As closing bells rang in Europe, Frankfurt was up by almost 0.8 percent and Paris was 0.5 percent higher, while London added 0.4 percent as the pound hit a new 2.5-year peak against the dollar.</p>.<p>Asia had enjoyed a broadly positive session earlier in the day.<br /><br /><strong>Read | <a href="https://www.deccanherald.com/international/joe-biden-becomes-46th-us-president-vowing-new-day-after-trump-tumult-941381.html" target="_blank">Joe Biden becomes 46th US president, vowing 'new day' after Trump tumult</a></strong></p>.<p>The euro sagged against the dollar meanwhile, as dealers mulled Italian political turmoil on the eve of an interest rate decision from the European Central Bank.</p>.<p>Biden's inauguration as the 46th US president drew a curtain on the most tumultuous administration of modern times and set a new course to deal with Covid-19 and unite a splintered nation.</p>.<p>"European markets... (are) looking forward with optimism, with Joe Biden's inauguration marking the end of a four-year period that married up both Brexit and global trade uncertainty," commented IG analyst Joshua Mahony.</p>.<p>"With (former president Donald) Trump and Brexit negotiations in the rear-view mirror, markets are faced with a four-year stint of greater stability and less uncertainty."</p>.<p>Investors set aside concerns over the coronavirus crisis for now -- though Covid-19 continued to cast a shadow as governments kept lockdowns in place.</p>.<p>"The incoming administration is looking to hit the ground running and has some very ambitious plans to combat the pandemic and the economic damage it has inflicted," remarked Craig Erlam, a market analyst at Oanda. </p>.<p>On Tuesday, US treasury secretary nominee Janet Yellen faced senators during her confirmation hearing and urged them to pass the new administration's $1.9 trillion spending package.</p>.<p>She also reaffirmed Biden's intention to maintain pressure on China.</p>.<p>Yellen told lawmakers that China was "our most important strategic competitor" and accused it of "undercutting American companies" by offering illegal subsidies, dumping products at below-market prices, stealing intellectual property and erecting barriers to US exports.</p>.<p>Secretary of state nominee Antony Blinken separately told senators that while he thought "Trump was right in taking a tougher approach to China... I disagree very much with the way he went about it in a number of areas".</p>
<p>World stock markets rose Wednesday as Joe Biden took the oath of office, in part owing to the new US president's coronavirus stimulus proposal.</p>.<p>Wall Street stocks pushed higher in midday trading, with the Dow gaining 0.6 percent.</p>.<p>As closing bells rang in Europe, Frankfurt was up by almost 0.8 percent and Paris was 0.5 percent higher, while London added 0.4 percent as the pound hit a new 2.5-year peak against the dollar.</p>.<p>Asia had enjoyed a broadly positive session earlier in the day.<br /><br /><strong>Read | <a href="https://www.deccanherald.com/international/joe-biden-becomes-46th-us-president-vowing-new-day-after-trump-tumult-941381.html" target="_blank">Joe Biden becomes 46th US president, vowing 'new day' after Trump tumult</a></strong></p>.<p>The euro sagged against the dollar meanwhile, as dealers mulled Italian political turmoil on the eve of an interest rate decision from the European Central Bank.</p>.<p>Biden's inauguration as the 46th US president drew a curtain on the most tumultuous administration of modern times and set a new course to deal with Covid-19 and unite a splintered nation.</p>.<p>"European markets... (are) looking forward with optimism, with Joe Biden's inauguration marking the end of a four-year period that married up both Brexit and global trade uncertainty," commented IG analyst Joshua Mahony.</p>.<p>"With (former president Donald) Trump and Brexit negotiations in the rear-view mirror, markets are faced with a four-year stint of greater stability and less uncertainty."</p>.<p>Investors set aside concerns over the coronavirus crisis for now -- though Covid-19 continued to cast a shadow as governments kept lockdowns in place.</p>.<p>"The incoming administration is looking to hit the ground running and has some very ambitious plans to combat the pandemic and the economic damage it has inflicted," remarked Craig Erlam, a market analyst at Oanda. </p>.<p>On Tuesday, US treasury secretary nominee Janet Yellen faced senators during her confirmation hearing and urged them to pass the new administration's $1.9 trillion spending package.</p>.<p>She also reaffirmed Biden's intention to maintain pressure on China.</p>.<p>Yellen told lawmakers that China was "our most important strategic competitor" and accused it of "undercutting American companies" by offering illegal subsidies, dumping products at below-market prices, stealing intellectual property and erecting barriers to US exports.</p>.<p>Secretary of state nominee Antony Blinken separately told senators that while he thought "Trump was right in taking a tougher approach to China... I disagree very much with the way he went about it in a number of areas".</p>