Joe Biden was inaugurated as the 46th president of the United States on Wednesday, taking the oath of office in a subdued ceremony amid a staggering level of security in the nation’s capital. He begins his presidency facing an array of daunting challenges, including the ongoing pandemic, a fragile economy, and extreme racial and political tensions in the country.

U.S. stocks rose on Wednesday, with the S&P 500® reaching a new record closing level; it’s up about 4% since the start of the year. Many investors are anticipating an economic rebound in the months ahead as the new administration focuses on passing an additional economic stimulus package and speeding up vaccine distribution in its first weeks.

President Biden began his term with a series of executive orders on Wednesday, and is expected to issue more in the coming days. Among those expected to be signed on Inauguration Day were an extension of the eviction moratorium that was set to expire at the end of the month; an extension of the pause in payments on federal student loans; the rejoining of the Paris Agreement on climate change and the World Health Organization; and a pause on all regulations that were approved in the final weeks of the Trump administration.