As Joe Biden was sworn in as the 46th president of the United States, stocks rallied to record highs on Wall Street with continued optimism that the new leadership in Washington will mean more support for the struggling economy.

Asian shares, in turn, too rose on Thursday with the Sensex hitting 50,000.

Hopes are high that President Joe Biden's administration will mean more support for the struggling U.S. economy, setting off a recovery that's crucial for the global markets as a whole.

So, what has the Biden administration inherited and what are its challenges economically?

CNBC-TV18's Prashant Nair finds out.

(Edited by : Abhishek Jha)

First Published:Jan 21, 2021 1:19 PM IST