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Wall Street: Stocks rise on expectation of Biden’s win

  • NASDAQ closed up 214.83 points, or 1.96%.
  • The S&P 500 closed up 59.31 points, or 1.79%.
  • Dow Jones closed up 551.34 points, or 2.05%.

Wall Street has one thing on its mind on Tuesday: The US elections.

A swift deal on increased fiscal stimulus has been brought to the market in anticipation of the so-called Blue Wave victory, whereby the Democratic Party’s leadership over Republican President Donald Trump in national opinion polls has raised expectations of a decisive result.

Subsequently, the Dow Jones Industrial Average added 551.34 points, or 2.05% to 27,476.39. The S&P 500 SPX gained 59.31 points, or 1.79%, to 3,369.55 and the Nasdaq Composite added 214.83 points, or 1.96%, to 11,172.44.

The strong market gains reflected a rebound from a selloff last week, the biggest weekly percentage drop for the S&P 500 in more than seven months.

However, recalling when US stock index futures crashed on Election Night 2016 when it became apparent that Trump could pull off an upset victory against Democrat Hillary Clinton, markets could experience a roller coaster ride the rest of the year. week.

We also have the Federal Reserve and US Nonfarm Payrolls to follow this week.

Credits: Forex Street

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