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Dow Rallies as Investors Keep Betting on Biden

Published 11/05/2020, 01:21 PM
Updated 11/05/2020, 01:21 PM
© Reuters.

By Christiana Sciaudone

Investing.com --  Markets rallied as investors keep betting Joe Biden is poised to be named president of the United States.

The Dow Jones Industrial Average rose 1.88%, or 522 points. The S&P 500 was up 2.1%, while the Nasdaq Composite gained 2.4%.

The race between Biden and President Donald Trump narrowed ever so slightly with an additional vote count released in Nevada, giving the Democrat a slight leg up on his Republican foe. Trump's legal team, meanwhile, is suing states like Georgia and Pennsylvania, which are still counting ballots and where Trump is currently leading.

Stocks rose for a fourth day with technology stocks leading the pack. Qualcomm (NASDAQ:QCOM) and Qorvo (NASDAQ:QRVO) were higher after reporting stellar results as 5G demand is set to grow. 

The dollar retreated as gold prices surged 3% to more than $1,950. Crude oil fell on signs that the world’s largest producers are still cutting official prices and chasing market share. 

The Federal Reserve is expected to announce its policy decision at 2:00 PM ET in New York. The Fed may take more aggressive action as the economy fails to soar amid increasing Covid-19 infection rates and shutdowns, and a split Congress that may be unable to pass stimulus funding.

Investors expect a split Congress that will leave Trump’s corporate tax policy unchanged and will be less likely to boost spending, according to Bloomberg.  

General Motors (NYSE:GM) rose as Chief Executive Officer Mary Barra said the automaker will boost capital spending to speed up electric vehicle development.

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Latest comments

Stocks will plunge approx 60% starting January
Biden doesn't have the mental capacity to last 4 years. Here comes President Kamala. It's literally all over. Complete collapse.
Betting on CCP ? Crazy America!
Matket isnt betting. MRket is hsopy yhr blue wave didnt materiialize and so the tax cuts will stay because the senate is republican going forward and tech wont take an earnings hit even if we have a Biden presidency.
bye bye ginger dictator and welcome democracy again..biden tamed the spoilt kid and will eat fruitcakes:)
Trump's gonna take it.
Wall Street rallies behind a man Donny called a “socialist.” My, how times have changed! LOL! Keep goin’ Joe!
The house always wins.
I know nothing...
Time for state secessions. As part of this "New America", there will be no more mail in voting (except for absentee). Waaay too much room for error/oversight/mistake/corruption. We'll require in person, with a valid id. We'll also vote on a flat tax.. I'm thinking 20 to 25%.. Doesn't matter if you make 40k, or 400k.. you pay the same rate.
or 400 mil, for that matter. It really wouldn't be that difficult to do (secessions). We'll lay out a specific agenda, and present it to the people. Some of the things would be like.. we'll take a copy of the Constitution with us, make modifications / edits to it as needed to prevent things like the Russia hoax that cost us millions of dollars and fractured the country. We'll also shore up the Second Amendment, make sure they can't do anything crazy like ban bullets, like they're talking about. Just to name a couple thing. Then we'll let all citizens of each state vote (in person, of course) on if they want their state to secede or not. Majority wins. As far as the geographic location of states, it really wouldn't be an issue. Everything would require a valid ID. If you're from an "Old America" state, you have completely separate health insurance, tax rates, etc.. just to name a couple things.
a completely separate country, that happens to be intertwined with another.. geographically.
iko POWs san
Great job Christiana - you revealed your bias in the first line.  So, thank you - I didn't need read any further!!!
she's telling the truth though. you're scared of truth?
It would not be surprising that after the publication of who will be president, the markets will corrects with an explanation as irrational as the one in the article.
Another manipulation with a wrong justification. Only a fool can believe the justification published in the article. The growth of the market started on election day has simply become a tradition in the last elections, REGARDLESS which of the candidates wins the elections. Everyone knew about the financial stimulus before the election. The problem was only if the stimulus came before or after the election. If Biden wins, the markets would rather have a reason to fall because corporate taxes are rising, which affects those in the NAS100 more, and some of the incentives are for poor people.
Fake news title??? I'm an investor and I'm not betting on Biden.
Too bad. Biden is winning.
Buyers of this market are making a SERIOUS error in judgement, betting on a hung Senate.  There are just as many questions, recounts, lawsuits, etc. coming for the Senate voting as there will be for the Presidential counting.  But those (Senate) actions will be put on the back burner until AFTER the Pres is solved.  Meaning buyers now may wait weeks only to find out suddenly that the rug gets pulled out from underneath them.  REMEMBER, if Joe gets into the White House BEFORE any runoffs in January, he'll be able to campaign (and pull whatever hidden levers he can) for the Democrat in a runoff in January.
well, to be fair, if dems win, they will pass the biggest stimulus in history which is very bullish, though they will also raise taxes and close the country, which would be very bearish. if repubs win the senate, then no raised taxes, but also no behemoth stimulus, and if Biden also wins, then he will close the country, which seems bearish. If dems win the senate and Trump wins, then Trump will pass any giant stimulus put in front of him, and also not raise taxes or close the country.
Spoken like a true Stockbroker: "If Biden wins, the market will go up.  BUT, if Trump wins, that will be bullish."
Solar and Cannabis Stocks are flying today !
If Biden wins, why would that be bullish? The only thing he will do if Republicans win the senate is lock down the country. If dems had won the senate he would have raised taxes, passed a massive stimulus, and locked down the country. At this point the best case for markets would be Trump, as he will pass any giant stimulus that's put in front of him and not raise taxes/close the country.
It’s the Senate and wait to see the final decision first.
Exactly.
Market betting on Biden..jeez..market daily attributes are betting on a Republican senate. Sounds like this reporter is putting her bias out in front. People are tired of being gas lighted by media.
Yeah, if reps won the senate, then the only thing Biden will do is close down the country... not sure how thats bullish at all... Trump will pass any giant stimulus he sees and not close the country, which seems far more bullish for the market... reporters like this wonder why people say 'fake news', they give all reporters a bad name, though to be fair, most/all news is biased trash, no matter which news group is reporting...
The most flagrant, criminal manipulation of the year this week.  How long will this newly manufactured rally go in a market that's already overvalued by 100%?
Happy that the senate didn't fall to the Communists.
I think it might . Remember who breaks a tie vote. Kamala.
Who wins election? Trump or Biden? Not, Wall St. is always winner. No change on tax and regulation and more money on stimulus. What insane greedy creature it is. Crush is coming.
Betting on higher taxes and regulation, ya rgt
Lol nobody is betting on Biden. Its called a stimulus and then a gradual fall for 4 years.
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