Democratic 2020 U.S. Presidential candidate Joe Biden points finger at his election rally, it was announced by the news media that Biden is the 2020 U.S. Won the November 7, 2020, presidential election in Wilmington, Delaware, USA.
Kevin Lamarck | Reuters
Shares were set to continue their big post-election rally as futures rose in trading overnight on Sunday. According to NBC estimates, Democrat J B Biden was elected President of the United States after defeating President Donald Trump.
Dow Jones Industrial Average futures rose 319 points, indicating a rise of about 300 points on Monday. S&P 500 futures rose 1.1% and Nasdaq 100 futures rose 1.4%.
The former vice president won after his expected victory in Pennsylvania as well as Nevada, according to NBC News estimates on Saturday. The call came four days after election day and amid close counts in several war-torn states.
Trump refused to accept that Trump Street hoped that this drawn-out election would ease the difficulties of the fight. Many traders were betting on market volatility in November and were unwinding locations that would help boost the rally.
In the meantime, a majority in both the Senate and the House has reduced the likelihood of a “blue wave” reversing Democrats, meaning a change in tough policy, such as a tax hike.
“Biden’s presidency with the Republican Senate is unlikely to result in a tax increase, as investors have the biggest fears about Biden’s presidency,” said Brian Levitt, global market strategist at Invesco. . “And Biden’s presidency could mean a return to a more traditional, predictable approach to trade policy, which will likely result in less volatile markets.”
Democrats are projected to retain a majority in their House, although the Senate is closely monitoring Lee Street as Senate control is still at length. Georgia’s two Senate races are likely to begin in January.
Whirl Street rallied last week in anticipation of a government with such a gridlock, and was preparing to accelerate as the presidential race became clearer. The three big averages have noted their best weekly performances since April. The S&P 500 and Nasdaq jumped 7.3% and 9%, respectively, last week, while the Dow rose 6.9%. The S&P 500 also posted the biggest election week gain since 1932.
Tech was the biggest winner in the 11 S&P 500 sector last week, up 9.7%. Investors entered the high-growth group as the prospect of lower taxes and stricter regulations under the Democratic sweep diminished.
Trump denied the result
Stock futures also rose, as Trump is refusing to accept the election, promising that as soon as Monday, his team will “start taking our case to court to fully support the election laws.”
The president and his surrogates have launched lawsuits in several key states, including Pennsylvania and Michigan, and have indicated they plan to press for reclaims in nearby races.
Biden is expected to announce on Monday the members of his coronavirus task force, which will have plans to stop the spread of coronavirus as it reaches record highs.
U.S. More than 176,000 new cases of coronavirus have been reported in the last 14 consecutive days in New York, and new records are being set daily in the last four days, according to data compiled by Johns Hopkins University.
“As the election attention begins to wane, investors will begin to pay more attention to Covid, as cases continue to explode and a series of surrender measures are offered by Europe,” Adam Crisafuli, founder of Vital Knowledge, said in a note on Sunday. Was. “Vaccine anticipation has helped protect stocks from unsightly virus headlines.”
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