President Joe Biden signs executive orders advancing his priority to modernize our immigration system with Vice President Kamala Harris looking on in the Oval Office, Tuesday, Feb.2, 2021. (Photo by Doug Mills/Pool/Sipa USA)
Global stocks rose on Wednesday, as US stimulus and vaccine developments lifted sentiment.
Stronger hopes of recovery in the world's biggest economy boosted the mood on global markets, with many investors' worries easing over the Reddit-fuelled short squeeze.
The White House confirmed plans to hike weekly vaccine supplies to 11.5 million doses, distributing doses directly to up to 40,000 pharmacies. New president Joe Biden had condemned the pace of the rollout under his predecessor.
Congress also moved a step closer to signing off Biden's $1.9tn (£1.3bn) stimulus package in spite of Republican opposition on Tuesday.
WATCH: "The market is reacting to the potential of a bipartisan stimulus package coming out"
The House and the Senate both voted to start a budget resolution debate, with the Democrats' majorities proving crucial as politicians voted on party lines.
A separate, more detailed relief bill will have to be drafted and voted on for the stimulus package to become law, with final votes unlikely until March, according to Reuters.
Meanwhile record earnings from Amazon (AMZN) and surging advertising revenue at Google's parent company Alphabet (GOOG, GOOGL) also boosted stock markets.
US futures were pointing to another day of gains. S&P 500 (ES=F) were up 0.6% and Dow Jones futures (YM=F) up 0.4% as European markets opened, while futures on the Nasdaq (NQ=F) rose 1%.
In Europe, Germany's DAX (^GDAXI) rose 0.7%, France's CAC 40 (^FCHI) was up 0.6% and the Europe-wide Stoxx 600 (^STOXX) rose 0.8%. The FTSE (^FTSE) was trading 0.6% higher in London.
READ MORE: Santander boss predicts vaccine-driven recovery as profit falls 35%
Most Asian stock indices had also risen overnight. Japan's Nikkei (^N225) was up 1% and the Kospi (^KS11) in South Korea rose 1.1%.
But Hong Kong's Hang Seng Index (^HSI) lost 0.2%, ad the Shanghai Composite Index (000001.SS) lost 0.5%.
WATCH: