US stocks rally, shrugging off unfinished presidential contest

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All 3 major US indices advance on Wednesday, November 4, with the Nasdaq climbing nearly 4% behind big jumps in Facebook, Amazon, and other tech giants. USVote Vote2020 Elections2020

and embracing the positives of the likelihood of divided government in Washington.

That outcome will"moderate" policies from Washington, lessening the chances of major tax increases or overhauls to health care and other realms, said Shawn Cruz, senior market strategist at TD Ameritrade."The good news is the uncertainty surrounding a very contentious election should soon be behind us," Canaccord Genuity analyst Tony Dwyer said in a note.

Equities rose in Paris, Frankfurt, and London, and oil prices gained, while the yield on US Treasury bonds tumbled as investors bet against a major new infrastructure spending that would have been likely if the Democrats had swept US elections.Investors for now have shrugged off worries about a protracted legal battle after Trump wrongly claimed victory Tuesday night, November 3. The closely-watched CBOE Volatility Index – which is seen as a proxy on fear – fell sharply.

Biden's chances improved after he locked up the key swing state of Wisconsin, and after the close, Michigan too was put in his column, making his path to the needed 270 electoral college votes more likely. The major indices gained further in after-hours trading.

 

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