Biden heads into inauguration with a stock market tailwind

Biden heads into inauguration with a stock market tailwind

U.S. President-elect Joe Biden speaks as he announces members of economics and jobs team at his transition headquarters in Wilmington, Delaware, January 8, 2021.Kevin Lamarque | ReutersJoe Biden moves into the White House in the coming week with the biggest stock market tailwind since a presidential Election Day in at least 70 years.According to data going back to 1952, the near 13% gain since Nov. 3 would be the biggest increase in the S&P 500 between the election and inauguration if the gains hold, according to CFRA. John Kennedy's 8.8% gain had been the best, followed by Dwight Eisenhower, with 6.3% and Donald Trump with 6.2%.Biden's promise of the $1.9 trillion relief package he announced Thursday is one of the reasons for the stock market's surge, and it will be a big focus of markets in the week ahead as investors handicap its chances of winning congressional approval.The Rev. Martin Luther King Jr. holiday starts off the week, and over the next four days several dozen S&P 500 companies report earnings. Bank of America, Goldman Sachs, IBM, Intel and Procter & Gamble are among the companies reporting.Biden will have no honeymoonThe $1.9 trillion stimulus package is at the top of