US stocks hit record highs as Biden confirmed president

Markets rose on Thursday.

The S&P 500 rose 1.5 percent to a record high, the STOXX Europe 600 rose 0.5 percent and the Nikkei 225 jumped 1.6 percent.

The US Congress affirmed the election of Joe Biden as president on Thursday, and with the Democratic party expected to win the Senate elections in Georgia, JJ Kinahan, chief market strategist at TD Ameritrade, said there are now “increasing expectations of more stimulus to come”.

Still, with global equities trading at 20 times 12-month forward earnings, Citi sees no further upside for world stocks as the valuation is well above the long-term median of 15 times forward earnings.