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On the 3rd (local time), the day of the US presidential elections, the main indices of the New York Stock Exchange ended higher at the same time.
On this day, the Dow Jones Industrial Average 30 on the New York Stock Exchange (NYSE) closed at 27,480.03, 2.06% (554.98 points) more than the previous year. The Dow index rose more than 700 points at a time during the week.
The Standard & Poor’s (S&P) 500 Index rose 1.78% (58.92 points) to close at 3,369.16.
The Nasdaq index, focused on technology stocks, rose 1.85% (202.96 points) to 11,160.57. The Wall Street Journal (WSJ) reported that stock prices generally tend to rise on Election Day. During President Donald Trump’s tenure, the stock market generally performed well. Since Trump’s 2016 election, the S&P 500 has soared 55%.
However, in the recent market, there is an analysis that there is a high possibility that the Democratic Party candidate Joe Biden will win and the Democratic Party will lead the parliament.
Solita Marchelli, Director of Investments (CIO) for UBS Global Wells Management for the Americas, said: “The Republican Party is usually more favorable than the Democratic Party when it comes to the stock market, but this is a unique year and an election. only”.
There is a market opinion that it is okay for the Democrats to take control of both the White House and Congress. He said that under the new government, lawmakers are likely to pass a more lenient stimulus package for the novel coronavirus (Corona 19) infection.
So far, the Democratic Party has wanted a massive stimulus, but the Republican Party has opposed.
Experts believe that if the chosen person is not confirmed due to legal disputes and the political situation becomes unstable, it will have a negative impact on the stock market.
In the 19 crown crisis, more than 100 million American voters participated in pre-voting (early voting at the place and voting by mail).
In the case of voting by mail, the arrival deadline and starting date for counting as valid votes vary from state to state. Because of this, the counting of votes is expected to take time and may lead to legal disputes. President Trump has already voiced complaints several times about the Pennsylvania rules, a state-of-the-art contest that accepts mail-in ballots that arrive three days after the presidential election.
“Ultimately, the market wants clarity,” said Tom Essay, founder of Sevens Reports, telling CNBC that a “reversal of the rally” could occur when electoral uncertainty increases.
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