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What you need to know on the markets this week: Biden's spending plans, bitcoin's blues and an unloved dollar vye with the first Fed meeting and a look at US GDP

What you need to know on the markets this week: Biden's spending plans, bitcoin's blues and an unloved dollar vye with the first Fed meeting and a look at US GDP

President Biden's Twitter page. He wasted no time in revealing his spending plans.
Nur Photo/Getty Images




Joe Biden has been sworn in as the 46th president and wasted no time in unveiling his spending plans.




Stocks hit record highs thanks to the prospect of $1.9 trillion in stimulus, but bitcoin has tumbled.




Investors will get a first look at 4th quarter US GDP and the Federal Reserve meets for the first time in 2021.




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Here are the big themes we're looking at in the coming week, plus a chart of Big Tech performance around the world.

Joe Biden takes office with a $1.9-trillion bang

With Wednesday's swearing-in, Biden becomes the 46th president of the United States and has not delayed kicking off his agenda. His proposed $1.9 trillion stimulus package was enough to coax more all-time highs from the global equity markets, with records in the S&P 500, the MSCI Asia ex-Japan index and Europe's STOXX 600 close to where it was when the pandemic hit last year, despite an alarming rise in cases of COVID-19 and new lockdowns. Janet Yellen, Biden's pick for treasury secretary, is urging the incoming government to spend big and worry about all the debt that will inevitably create later. How much the final package is, how those proceeds will be distributed, and what direct impact that will have on growth all remain to be seen. It's enough, however, for the stock market to be looking past inconvenient economic truths like nearly one million Americans still filing for unemployment benefits a week. A number of other indicators have shown there is resilience to the recovery, with housing starts hitting 14-year highs and manufacturing activity in the mid-Atlantic region picking up to three-month highs.
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