P2JW021000-6-A00100-17FFFF5178F ****** THURSDAY,JANUARY21, 2021 ~VOL. CCLXXVII NO.16 WSJ.com HHHH $4.00 DJIA 31188.38 À 257.86 0.8% NASDAQ 13457.25 À 2.0% STOXX 600 410.84 À 0.7% 10-YR. TREAS. À 1/32 , yield 1.089% OIL $53.24 À $0.26 GOLD $1,865.90 À $26.40 EURO $1.2108 YEN 103.53 Biden Calls for Unity ‘Wemust end this uncivil warthat pitsred against blue’ BY CATHERINE lUCEY AND KEN THOMAS WASHINGTON—JoeBiden wassworn in as the 46th presi- dent of the United StatesoN Wednesday, calling forunity as he assumed leadership of ana- tion batteredbyaonce-in-a- centurypandemic and the re- cent deadly storming of the U.S. Capitol. At amiddayceremonyover- shadowedbyhealth and safety concerns,Mr. Biden wassworn in by Chief JusticeJohn Rob- erts, repeating the oath of of- fice on the west steps of the Capitol with his hand on afam- ily Bible.The inauguration was attended by arelatively small, distanced audience, acontrast to the crowdsthat typically line the National Mall to celebratea newadministration. Declaring “democracyhas prevailed” in thefaceofre- peated challenges to the elec- tion results, Mr.Biden implored the public to stand together in JOURNAL the faceofdivision and crisis. REET “Wemust end this uncivil ST warthat pitsred against blue,” LL Mr.Biden, aDemocrat, said. WA “Or ruralversus urban, conser- THE R vativeversus liberal. We cando FO this if we open our souls in- AR stead of hardening our hearts.” HUK SC Former President Donald SA Trump became the firstpresi- YS dent to skip his successor’s in- AL President Biden, with first lady Jill Biden at his side, is sworn in as the nation’s 46th leader at the Capitol on Wednesday by Chief Justice John Roberts. auguration in 150 years, instead leaving Washingtonfor his Florida estate early in the morning,vowing in his final Executive Orders Lay Out Broad Agenda public commentsaspresident, PleaseturntopageA6 BY AlEX lEARY inaugurated as the 46th presi- time to wait. Get to work im- CareAct, while Barack Obama accord. dent in amiddayceremony, mediately,” he said, sitting at didn’t sign anyonJan. 20, “These aretwo early steps WASHINGTON—President the actions areintended to the ResoluteDesk and wearing 2009.Bill Clinton signed an to advancethe president’sam- THE Biden on his firstday in office signal amoreaggressiveap- amask. ethics orderonhis firstday. bition to re-engageinthe INAUGURATION took arangeofexecutiveac- proach to the coronavirus pan- Mr.Biden signed 15 execu- All of them signed additional world,” said incoming national tions,including implementing demic and end some of former tiveordersand two executive ordersduring their firstweek security adviser Jake Sullivan. New president will lead a anational mask mandateoN President Donald Trump’skey actions on his firstday in of- in office. Rejoining theParis pact changing nation.....................A2 federal property,revokinga policies while setting the fice,far morethan anyofhis Mr.Biden’sorderscover would be only afirst step in Senate confirms Haines as permit forthe Keystone XL oil agenda forthe next four years. modern predecessors, none of domestic andinternational Mr.Biden’sbroad effort to ele- intelligence chief...................A7 pipeline and reversing atravel Mr.Biden, aDemocrat, whom signed morethan one. matters,including ceasing Mr. vate climatechangetoacrisis ban from several largely Mus- signed executiveordersfrom Mr.Trump signed an order Trump’s withdrawal from the among his administration’s Trump weighs his next move lim and African countries. the Oval Officeinthe lateaf- on his Inauguration Dayaimed World Health Organization toppriorities. after White House...............A9 Coming afterMr. Biden was ternoon. “I thought there’sno at reversing the Affordable and rejoining the Paris climate PleaseturntopageA4 ADay Of Firsts President, Tested by Tragedy, ForVice Faces Tough Challenge Ahead President Kamala Harris is BY GERALD F. SEIB could do the same: pick up signed to prevent him from the first woman, the pieces and move for- taking office still visible on first Black persoN Over the past five de- ward. Simple as that sounds, the Capitol just behind him, and first personof cades, Joe Biden endured in the harsh environment of the nation’s first woman and Indian descent to multiple personal tragedies 2021 it will be as tough as first minority vice president become vice and saw his po- nearly any previous test Mr. at his side. GES president. Presiding ANALYSIS litical obituary Biden has faced. Any one of those condi- IMA overthe Senate, writteN over and Mr. Biden was sworn in tions would have made the she alsogives GETTY over again—yet always found amid extraordinary circum- occasion historic. Put them Democratsatie- a way to pick up the pieces stances: an ongoing pan- all together and you had an breaking vote in SMITH/ and move forward. demic, the glaring absence of inaugural unlike any America the evenly divided On Wednesday, he was in- an outgoing president who has ever seen, or is likely to chamber. A3 TRICK augurated as the nation’s refused to accept the legiti- see again. All of which gave PA 46th president and pro- macy of last year’s election, extra poignancy to the ques- ceeded to tell the nation it the scars of a mob attack de- PleaseturntopageA2 What’sNews Business&Finance World-Wide THE THREAT ising shares of Netflix Starboardisseeking to Biden wassworn in as the erty, revoking a permit for OF EXTORTION Rand other tech companies take control of agricultural 46th president of the United the Keystone XL oil pipeline pushed major stock indexesto giant Corteva’sboardand re- States, calling for unity as and reversing a travel ban records. TheS&P 500,Nasdaq placeits chief executive. B1 he assumed leadership of a from several largely Muslim and Dowgained 1.4%, 2% and nation battered by a once- and African countries. A1, A4 IS REAL. P&G’ssales surged in the 0.8%, respectively,with all in-a-century pandemic and most recent quarter,fueled TheSenate confirmed three closing at newhighs. B1 the recent deadly storming in part by demand forhigh- Avril Haines, Biden’s choice of the U.S. Capitol. A1 Don’t Negotiate.Mitigate. Businesses prepared for an end household products. B1 to be director of national in- Harris made historyas eraofstricter regulation as Bi- telligence, approving her for Tysonsaid it agreed to the firstwoman, the first den ordered areview of dozens the post in an 84-10vote. A7 pay$221.5million to settle Black person and firstper- of environmental policies. A4 with plaintiff groups of poul- son of Indian descent to be Trump issued aflurry Biden is expected to nom- trybuyersthat sued it over sworn in as vicepresident. A3 of pardons and commuta- inateMichael Barr,aformer alleged pricefixing. B3 tions on his final dayinof- The president quickly Treasuryofficial, to serveas fice,rewarding some long- Anew kindofadversary is on the rise, using UnitedHealth posted a took a range of executive comptroller of the currency. A4 time allies and well- extortion to threaten businesses across smaller profit forthe fourth actions, including imple- connected celebrities. A10 MorganStanley’s fourth- quarter as it sawrising med- menting a national mask the world. Without the right protection, quarter profit rose 51% on a ical coststied to Covid-19. B4 mandate on federal prop- China said that it would yours couldbenext. See how NETSCOUT 26% increase in revenue.The sanction 28 senior American visibility can detect and help mitigate these resultstopped estimates. B1 officials who served in the CONTENTS Opinion.............. A15-17 Trump administration. A9 complex threats. United Airlines said it ex- Arts in Review... A13 Personal Journal A11-12 > pects the pandemic to con- Banking &FinanceB10 Sports....................... A14 Health authorities in China goNETSCOUT.com/extortion tinue to weigh on travel de- Business News...... B3 Technology............... B4 have ramped up effortstocon- Crossword.............. A14 U.S. News.......... A9-10 mand this year,asitposted a Heard on Street.B12 Weather................... A14 tain aresurgenceofcoronavi- $1.9billion quarterly loss. B1 Markets..................... B11 World News.......... A18 ruscases in that country. A18 s 2021 Dow Jones & Company, Inc. All Rights Reserved P2JW021000-4-A00200-17F7DF7178F A2 | Thursday, January 21, 2021 **** THE WALL STREET JOURNAL. THE INAUGURATION Median household income Unemployment rate New President Will $70thousand 15.0% 2019 RECESSION $68,703 12.5 65 10.0 Lead Changing Nation 60 7.5 Dec,2020 55 6.7% BY PAUl OVERBERG ually improved starting and in some cases perma- 5.0 AND JANET ADAMY around the middle of the last nently,starting in March. The RECESSION decade.Median household in- U.S. economyshed 9.4 million 50 2.5 President Biden leads a come was$68,700 in 2019,up jobs last year,the most in any 2000 ’05 ’10 ’15 2000 ’05 ’10 ’15 ’20 countrywith an aging popula- 6.8% from the prior year and year sincerecords began in tion that is on shakier eco- thehighest figure on record. 1939,and nearly double the nomic footing and is morepo- Thepoverty rate that year number from 2009. Without health insurance Federal debtheld by the Noncitizens living in the U.S., litically polarized than at most dipped to itslowest level since The U.S. debt as compared at some point during the year public as ashareofGDP as ashareofall immigrants points in recent years. the government began track- with the size of the economy 16% 120% 60% Keymetrics of financial and ing it in 1959. reached itshighest point since RECESSION 14 100 social well-being showthe Last year’s figuresare ex- the end of World WarII, after 55 challenges Mr.Biden faces. pected to show disparities in government spending to com- Thecoronavirus pandemic whoseincomes suffered, with bat the fallout from the virus 12 2019 80 halted the11-year economic rose sharply and tax revenue 9.2% 50 expansion and droveupunem- fell. 10 60 ployment just as the typical Metricsoffinancial An uptick in drug deaths 3Q,2020 45 2019 American household was and suicides began shortening 8 40 99.4% 48.4% starting to enjoysustained in- and social well­being U.S.