Wall Street rises from the start of Election Day – E24

Stock exchanges are listed on this very special election day in the United States.

The US stock market is seeing a broad surge early on, after several of the national polls point to the victory of Democratic Rep. Joe Biden.

– The market is starting to be sure of a Biden win, portfolio manager Olav Chen at Storebrand tells E24.

He believes that the market is “of course” looking ahead to the election now, and just the fact that he gets clarification helps to calm the mood among investors.

Here’s what the most important indices look like just over an hour after they open:

• S&P 500 up 2.17 percent
• Dow Jones rises 2.30 percent
• Nasdaq up 2.02 percent

See so many chances of Trump victory

Senior Portfolio Manager Kristian Tunaal at Alfred Berg Kapitalforvaltning, for his part, believes there is as much likelihood of a Trump victory as there is for Biden.

– I’ve read opinion polls like everyone else and I see that Biden has a lead, even in most states with tips. But the leadership is down, so the momentum is in Trump’s favor, says Tunaal by phone with E24.

Tunaal says that the evolution of the market can be interpreted in several ways.

– Basically we are in a strong stock market. It is down in October, but it is a normal seasonal correction, as October is a classic dangerous month.

Economic indicators are on the rise and it is normal for stocks to rise in such a situation, according to Tunaal.

– A good stock market is often an advantage for the current president, says the manager.

“Blue Wave”

At the same time the president is elected, the 435 seats in the House of Representatives and 35 of the 100 seats in the Senate are up for election.

“From a market point of view, it is preferable for Biden to assume both the presidency and the Democrats to the Senate, as they want to spend a lot of money on fiscal policy,” Chen says.

Investors expect a so-called “blue wave” in which not only Joe Biden wins, but in which Democrats take control of both the Senate and the House of Representatives, writes the Financial Times.

“The stock market seems to have traded with better odds of a Biden win and a blue wave,” Citigroup strategist Hong Li told the newspaper.

US President Donald Trump also told Fox News that he thought the chances of an election winner were “very good.” In the interview, he expressed great faith in victory in important changing states like Florida, Texas and Arizona. However, he assures that he will not participate in any guessing game by declaring the winner of the election premature, writes NTB.

After a heavy fall

Chen believes that the rally we are seeing in the stock market must now be viewed in light of last week’s slide. Then the S&P 500 was down more than 5 percent.

– It was a bit far that fall. At least I think so, says the portfolio manager.

It’s been a few hours since the first polling stations opened in the United States.

The last west coast states will now open shortly, then polling stations in Alaska and Hawaii will open at 5 p.m. and 6 p.m. Norway, respectively.

There is a tense mood around the world regarding the unfolding of the US presidential elections.

Nearly 100 million early votes

A record turnout is expected this year, despite high infection rates in the United States.

Before Election Day begins, as many as 99.65 million Americans have voted early, figures from the US Elections Project show.

Of those, 35.72 million have voted early in person, while 63.93 million have cast ballots by mail.

Throughout the day, there is great enthusiasm for the outcome itself, whether it will be clear and how it will affect investors.

At the open of the stock market, a barrel of North Sea oil (burned) is trading at $ 40.24, an increase of 2.44 percent on the day. A barrel of US light oil is trading at $ 38.20.

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