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Big tech waves like Apple, Amazon, etc.
▲ New York Stock Exchange (NYSE). New York / AP Newsis
Despite the premarital pattern of the US presidential elections, the main index rose on the New York Stock Exchange on the 4th (local time).
On this day, on the New York Stock Exchange (NYSE), the Dow index rose 367.63 points (1.34%) compared to the previous day to 28.7847.66, and the S & P500 index closed at 3443 .44, an increase of 74.28 points (2.2%). The Nasdaq index, focused on technology stocks, rose 430.21 points (3.85%) and closed at 11,590.78.
As the presidential elections have entered the second half of the day, there is not yet a situation in which the candidates on both sides can clearly say the choice. According to CNN, Democratic Party candidate Joe Biden’s constituency is 253, ahead of US President Donald Trump’s 213, but the tally for major racial states, Northern Rustbelt (Pennsylvania, Michigan, Wisconsin) is not has been completed. It is difficult to estimate.
In this situation, both candidates declared their victory the day before, which only compounded the market confusion. Nonetheless, CNBC has linked tax regulations to profit sharing in the stock market. The failure of ‘Blue Wave’, which is dominated by candidate Joe Biden and the Democratic Party, is analyzed to have a positive impact on stock trading as the possibility of tax and regulatory increases diminishes.
Sam Stovall, CFRA chief investment strategist, said: “If the regulatory threat is resolved, technology stocks will rise, while if there is an economic stimulus through spending, the industry and materials sectors will benefit.”
In fact, unexpectedly, when candidate Biden had a tough battle, big tech companies like Amazon and Apple, which weren’t free of fiscal woes, rose 6.32% and 4.08%, respectively. The Nasdaq index, focused on technology stocks, also finished close to 4%. On the other hand, bond yields fell as confidence in large-scale stimulus measures waned.
QMA chief investment strategist Ed Gunn said: “It is a complex combination (President and Senate), but in the end, the stock market is increasing due to an improved fiscal environment.
However, since President Trump recently filed a lawsuit to stop counting and request a recount, the election results could be delayed longer than expected. This could be another variable for the market.
According to Reuters and Trump Camp, Trump Camp has filed lawsuits to suspend the count in Pennsylvania and Michigan.
In a statement, Camp said: “We have not been granted meaningful access from countless counting offices where we can observe the counting process. We have filed a lawsuit in court asking us to stop counting votes until access is allowed.”
He added: “Although we could not access, the votes were open and counted. We demand the reconfirmation of the controls carried out in this situation.”
