The U.S. presidential stock index is flooded with hopes that the U.S. presidential election will be fought and a clear winner will be determined.
Wall Street’s main stock index opened lower on Tuesday – Election Day in the United States – and investors were clinging to optimism that a clear winner would emerge from the exception of the US presidential election.
At 11:00 a.m. in New York, the Dow Jones Industrial Average rose more than 1,641 points, or 3.3838 percent, to 27,566.19.
U.S. The gauge S&P 500 for the health of retirement and college savings accounts rose 2.28 percent, while the tech-heavy Nasdaq Composite Index rose 2.29 percent.
After a five-week decline last week, the three major stock indices started November on a high note on Monday.
The CBOE Volatility Index, known as Wall Street’s Fear Gauge, retreated the next day after touching a 20-week high last week in rising cases of coronavirus globally and raising concerns that there would be no clear winner in the Oval Office fee race.
Storefront fronts from New York to Los Angeles have erupted once violence erupted after the polls closed.
But Wall Street was watching a glass half full election result.
“The outcome of the presidential election is likely to be clear on election night, as Democratic presidential candidate Joe Biden is abbreviated,” Goldman Sachs economists, led by Jan Hatizius, wrote in a note to consumers on Tuesday. And North Carolina – all of which are likely to report results quickly.
“Winning any of these will make it harder for President Trump to reach 270 votes,” Goldman said.
However, there may not be a clear winner on Tuesday night or Wednesday morning, if there is a prolonged vote count or if the results are challenged.
Biden is ahead in the national opinion polls but there is enough scarcity to move towards President Donald Trump’s victory in the race of presidential war states.
About 100 million Americans voted early.
Trump relies on a big turn from his supporters on Tuesday.
“I think we’re going to win,” Trump told Fox News on Tuesday. “I see it as a very solid chance to win here.”
A man walks past a boarded Sax Fifth Ave store in anticipation of tomorrow’s election in the Manhattan borough of New York City, USA [File: Carlo Allegri]
All eyes will be on Tuesday night’s election, followed by the Federal Reserve’s two-day policy meeting and this weekend’s monthly jobs report, to ensure it becomes a big week for Wall Street.
Stocks making headlines on Tuesday:
Shares of Alibaba Group Holdings, which owns one-third of Ant Group, fell 84.8484 per cent after China shocked markets by suspending Fintech’s blockbuster listing on the Shanghai Stock Exchange.
Shares of PayPal Holdings fell 0.49 percent as it lowered its forecast for Q4 profits.
The company said on Monday that it was suspending cruises until the end of the year and that shares of Royal Caribbean Cruise Ltd. had risen 0.61 percent.
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