Stocks jump as Wall Street thinks tight U.S. election means gridlock

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U.S. stocks surged to close higher as the presidential election race remained cloudy, but the likelihood of gridlock in Congress made investors optimistic that major policy changes would be difficult to enact

A trader speaks on a phone outside the New York Stock Exchange following Election Day in Manhattan, New York City, U.S., November 4, 2020. REUTERS/Andrew Kelly, a gauge for short-term volatility, hit a two-week low after spiking to a four-month high in the run-up to the election.

Despite the rally in stocks, the potential for political uncertainty also sent investors to U.S. Treasuries, sparking the biggest one-day drop in 10- and 30-year bond yields since June. Shares of U.S. banksThe S&P 500 posted 49 new 52-week highs and no new lows; the Nasdaq Composite recorded 112 new highs and 28 new lows.

Volume on U.S. exchanges was 10.39 billion shares, compared with the 9.09 billion average for the full session over the last 20 trading days.

 

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One would hope common ground would move forward. Politicians should be ashamed. Half the country voted for the other candidate. Where is the UNITED in the United States of America

Stock market go brrrrr

Yeah it would be a dissaster if we had a system where its not only Wallstreet and friends would have some sight on progress. Let it be stagnation as long as possible else you will see working class people also proffit from our succes story where they work and we alone get rich.

Wall Street isn't as important as Main Street, no matter how many times you convince yourself it is.

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