The Rise Is Rising on Wall Street – E24

Wall Street is rising dramatically after the US presidential election turned smoother than many thought.

US stocks were up early on, before rising in the afternoon. These are the leading stock indices in New York:

• Dow Jones rises 2.65 percent
• S&P 500 rises 3.20 percent
• Nasdaq Composite rises 4.26 percent

In the betting market, the label favorite changed from Biden to Trump overnight, but on Wednesday morning the wind changed again and Joe Biden now remains a fairly clear favorite.

The odds of a Biden win dropped to 1.22 at Betsson Wednesday afternoon, while Trump’s odds of winning at the same time are 4.50.

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Tek-fest

The Nasdaq Tech Heavy Index has a steeper rise, which is due to the fact that the tech giants are pulling higher.

Apple and Amazon are among the stocks that rose sharply in early trading, with gains of 3.5 and 5.8 percent. Facebook and Google owner Alphabet are up 7.6 and 6.9 percent, respectively.

Technology stocks have risen throughout much of the pandemic and have almost gained “safe haven” status in turbulent times, such as now with an unresolved election result in the United States.

At the same time, tech companies have feared that Joe Biden would subject them to scrutiny for tax purposes, but now that Donald Trump and the Republicans are doing better in the election than many expected in advance, it contributes to the relief of stocks. technological.

The election thriller in the US has an effect on everything from stocks to currencies to oil prices, but the biggest backlash is in the bond market. “The world’s most important interest rate,” the 10-year-old American, has dropped dramatically compared to yesterday.

This puts pressure on the major banks, which will be hit by lower revenues if interest rates fall. JP Morgan and Bank of America fell two and three percent. However, several bank stocks rose sharply on Tuesday.

Reduced blue wave

Pål Ringholm, head of analytics at Sparebank 1 Markets, noted Wednesday that the chances of Joe Biden and the Democrats clearing the table in the presidential election and the elections to the two houses of the National Assembly have weakened significantly.

– It is the case that the great blue wave, that is, the hope that Biden will take both the House of Representatives and the Senate, has been greatly reduced. So extra-large packages of measures, also of the eco-type, are significantly less likely, he told E24.

The key figures also come from the United States.

The number of private sector employees in the United States increased by 365,000 people in October, according to a survey by ADP Employer Services. In advance, an increase in employment of 650,000 people was expected, according to Direkt Makro.

Uber and Lift are going up

Transportation services Uber and Lyft jumped on Wall Street, share prices rising 12.5 and 10.9 percent, respectively. They are expected to emerge victorious from a California labor law referendum, which means companies don’t have to hire their drivers.