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On the day of the US Presidential Election, the New York Stock Exchange Major Index rose strongly. It can be interpreted that the expectation of economic stimulus was reflected in the results of the presidential election.
On the 3rd (local time) on the New York Stock Exchange (NYSE), the Dow Jones 30 industrial average ended up trading at 27,480.03, an increase of 554.98p (2.06%) from the battlefield.
In addition, the Standard & Poor’s (S&P) 500 Index rose 58.92p (1.78%) to 3,369.16, while the NASDAQ index oriented to technology stocks rose 202.96p (1.85%) to 11,160.57, respectively.
By industry, industrial stocks were up 2.91% and tech stocks rose 1.8%. All sectors excluding energy maintained an uptrend. In particular, Walgreen Boots Alliance (4.4%) and JPMorgan Chase (3.2%) led the rise in the Dow index, while Facebook (1.51%), Amazon (1.45%) and Apple (1, 54%) also showed strong strength.
Experts say this is due to the expectation that various uncertainties will be resolved while the winner of the presidential election is masked.
In today’s marketplace, the Democratic Party is heeding the possibility of a ‘blue wave’ controlling both the White House and the Senate and House. Based on the observation that stimulus measures such as the response to the new coronavirus infection (Corona 19) and investment in infrastructure will be accelerated.
Of course, that doesn’t mean we don’t appreciate President Donald Drumf’s victory. The scenario in which he reverses the poll and wins is also expected to be positive for the stock market.
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The key is that the uncertainty may persist until the results of the presidential elections are confirmed. Since the largest number of people participated in the vote-by-mail, it is expected that it will take longer than usual to confirm the winner. If a court battle over vote-by-mail occurs as a result of the aftermath, there is a chance the stock market will be confused.
Randy Frederick, vice president of Charles Schwab, analyzed that “if for some reason there is no clear result and they lead to lawsuits, the stock market will be unstable for a while.”
