Stock market ETFs rise as Joe Biden picks Kamala Harris as running mate in White House race
Movements in stock exchange-traded funds were suppressed after presumptive Democratic presidential nominee Joseph Biden announced Tuesday night that he had selected California senior Kamala Harris as his running mate in the 2020 election. The choice is significant because 77-year-old Biden is the oldest president would be elected since Donald Trump took office in 2017. Harris, who is 55, is the first Black American woman to run on a major national party card. She served as Attorney General of California and as Attorney General of San Francisco before becoming a U.S. senator. Biden and Harris will appear together in Wilmington, Del. On Wednesday, to provide joint comments, Biden’s campaign said. Markets view presidential picks through the lens of the impact on the economy and the overall financial market of the candidates. The SPDR S&P 500 ETF Trust traded 0.3% higher in aftercare trading on Tuesday, the SPDR Dow Jones Industrial Average ETF Trust traded 0.2% higher in after-hours trading, while the Invesco QQQ Trust Series I, also known as the Qs, traded 0.5% higher trading after the closing clock. In the regular session, the S&P 500 index finished 0.8% at 3,333, led by declines in utilities, off 2.1%, real estate, 1.9% down, and information technology 1.8% lower. Tech and tech-related stocks, part of the market’s lead in the recovery of coronavirus-induced lows introduced on March 23, have taken a break from the past several sessions as investors turn to other sectors those of the market have been under-loved. Meanwhile, the Dow Jones Industrial Average closed 0.4% at around 27,687, while the technology-laden Nasdaq Composite Index closed 1.7% at around 10,783. Biden currently leads President Donald Trump by 7.2 percentage points in an average of national polls, according to RealClear Politics.
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