Stocks rallied again on Wall Street as a post-election wave of buying continued, keeping the Standard & Poor’s 500 index on track for its biggest weekly gain since April. Even with the presidential election not yet called, investors are banking on control of Congress remaining split between Democrats and Republicans, which could mean the continuation of low tax rates and other business-friendly policies.
The S&P 500 is on pace for its fourth straight gain of more than 1%, and a 7.8% jump for the week. That would be its best week since the market was exploding out of the crater created in February and March by panic about the COVID-19 pandemic.The Dow Jones industrial average closed up 542 points, or 2.0%, at 28,390, and the Nasdaq composite finished 2.6% higher, at 11,890. Small-company stocks also had a strong showing. The Russell 2000 small-cap index finished up 2.8%.
Apple, Microsoft, Amazon, Facebook and Google’s parent company, Alphabet, were all up between 1% and 3.6%. They’re also the five biggest stocks in the S&P 500 by market value.Shares in cannabis companies were sharply higher after voters in several states cleared the way for legal marijuana for adult or medical use. Tilray jumped 30.3%, though the stock is still down nearly 55% this year.
But the expectation that Biden has a chance of winning has also raised hopes that U.S. foreign policies might be “more clear,” said Jackson Wong, asset management director of Amber Hill Capital. He added, “Investors are cheering for that. That’s why the markets are performing well.”Wall Street’s rally was widespread, with nearly 90% of stocks in the S&P 500 higher. Qualcomm jumped 12.
But concerns about any big changes in tax policy during the next administration have mostly abated now that control of Congress looks as if it will remain split, said Megan Horneman, director of portfolio strategy at Verdence Capital Advisors.
The smell of Electoral fraud has taken over the USA democrats MADE IN Globalists Corruption , They .... & G Soros is involved in world politics war revolution vandalized terrorists socialism leftism Islamists virus etc He is danger to all humanity
There is no election uncertainty, other than time.
Gonna B a Biden Boom!!! 👍
Who cares