Wall Street closes sharply higher before the outcome of the Trump-Biden duel

published the 03/11/2020

NEW YORK (Reuters) – The New York Stock Exchange ended sharply higher on Tuesday as Americans went to the polls to decide, after one of the closest campaigns in their history, who’s Donald Trump or Joe Biden will be their next president.

Investors seem to be betting on a clear victory, without the prolonged uncertainty that would be their nightmare, and therefore hope that the outcome of the presidential election will then quickly lead to a budget support plan for the economy, battered by the crisis. sanitary.

At the bell, the Dow Jones index gained 545.41 points, or 2.03%, 27,470.46 points. The S&P 500 takes 57.82 points, (1.75%) 3,368.06 and the Nasdaq Composite is ahead by 198.47 points, or 1.81%, 11,156.08.

Ten of the eleven major sector indices of the S&P are in the green, led by the financial sector and industrial stocks.

In this particular session, the main stock market indices of the New York market had opened up, the Dow Jones index gaining 1.24% a few minutes after the start of the exchange, the Standard & Poor’s 500 0.99% and the Nasdaq 0.72%.

The trend intensified during the session, with the Dow Jones advancing 2.38% on the close in European markets.

“Over the past 48 hours,” explained Derek Halpenny, head of research at MUFG, “the markets have become a little more convinced of a Joe Biden victory without the risk of weeks of uncertainty and turmoil.”

The markets may be counting on a double victory for the democratic camp, in the race for the White House but also in Congress, which would be synonymous with more important budgetary stimulus measures.

(Chuck Mikolajczak; French version Laetitia Volga and Henri-Pierre Andr)

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