05:15
+5 C°
Traffic jam:   0
$
74.1373
89.5060

The United States stock market grew after the presidential election

5 November 2020
1745
2 min.
5
The United States stock market grew after the presidential election

American stock market today

Major US stock indices rose on Wednesday and continued to grow after the close of trading: the S&P 500 rose by 2.2 per cent, followed by 1.4 per cent; Dow Jones rose by 1.34 per cent and 1.12 per cent, while Nasdaq Composite rose by 3.85 per cent and 2.13 per cent, respectively.

The market reacted to the results of the majority vote counting in the November 3 elections. However, the final results have not yet been announced, as due to the record high turnout and the high proportion of pre-counting and mailing of ballots (around 68%), counting has been delayed.

According to the latest figures, Joe Biden garnered 264 votes while Donald Trump 214, but 270 votes are needed to win the election by the Electoral College, which consists of 538 voters from fifty states and Washington DC.

Trump has only gained a majority in the two states with the highest share of votes.

Although not all of the votes were counted on the night of 3-4 November, Donald Trump tried to declare his victory and stated that the vote by mail would be rigged. The 45th US President said that he intended to appeal to the country's Supreme Court.

Trump has filed a lawsuit with the courts demanding a recount of the ballots in the states where Biden won the majority of votes.

Officials have already warned that court proceedings may delay the official announcement of the winner. At the same time, experts see uncertainty and delay in announcing the election results as negative for financial markets and a cause for volatility. By staking on growth, they advocate a final and rapid resolution of the presidential race, which will clear the way for the passage of the bill on the stimulus package for economic recovery.

Investors believe that large technology companies will face less antitrust risk with a divided Congress.

Shares of major pharmaceutical companies Pfizer (PFE), Merck  (MRK) and Johnson & Johnson (JNJ) have also increased as a potential split in Congress is likely to protect the industry from major reforms.

Both US presidential candidates still have a chance of winning, but Trump called on Americans to vote at the polls and the votes have already been counted, while Biden, on the other hand, said that in the context of the pandemic it is better to vote by mail and the votes are still being counted.

Persons2 and Companies3 in the news

46th President of the United States
1 place
45th President of the United States
2 place
Pfizer
1 place
Merck
2 place
Section:

Discussion

Rating companies
Tesla
56 Mention
Apple
55 Mention
Amazon
52 Mention
Nasdaq
51 Mention
Dow Jones
43 Mention
Facebook
43 Mention
Microsoft
31 Mention

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director