U.S. stocks rallied to all-time highs as investors grew optimistic that recent federal spending will revive growth and bolster corporate earnings. Treasuries were little changed while the dollar weakened.
The Nasdaq 100 Index jumped more than 2% and the S&P 500 Index posted the best first-day reaction to a newly elected president’s inauguration since Jan. 20 became the official start in 1937. Netflix Inc. surged more than 17% after a jump in subscribers. Chipmaker ASML Holding NV rallied on solid results. Morgan Stanley gained after reporting record full-year results.