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Dow Shines as Late Biden Swing Muddies Trump Path to White House

Stock MarketsNov 04, 2020 04:52PM ET
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© Reuters

By Yasin Ebrahim

Investing.com – The Dow cut some losses but ended higher on Wednesday, as former Vice President Joe Biden's bid to take to White House was given a huge boost after picking up a wins in Wisconson and Michigan.  

The Dow Jones Industrial Average rose 1.34%, or 367 points. The S&P 500 was up 2.15%, while the Nasdaq Composite gained 3.85%.

Biden holds a 253-to-214 electoral college lead over President Donald Trump, after picking up wins in key swing states of Wisconsin and Michigan. Biden is now in ascendency needing to pick up just one win from the outstanding states.

"After a long night of counting, it's clear that we're winning enough states to reach 270 electoral votes needed to win the presidency," Biden said. "I'm not here to declare that we've won, but I am here to report that when the count is finished, we believe we will be the winners."

 

 
The Trump election campaign has demanded a recount in Wisconsin, citing voting irregularities. 

While the Democrats' path to the White House has cleared up somewhat, a blue wave – Democrats taking the White House and Congress – is unlikely after Senator Susan Collins, Republican of Maine,  maintained her seat, denying Democrats a key win that many expected would be tightly contested.  

Without a Senate majority, the Democrats may struggle to push through major legislation including a large broad-based stimulus bill, climate change measures, and massive infrastructure spending.

Healthcare and technology led the broader market higher as the fading prospect of a blue wave eased fears that the group may come under pressure from tax hikes and intensive regulatory scrutiny.

“The Democratic Party has become increasingly critical on Internet company market power, with more liberal members, such as Elizabeth Warren [D-Mass.], of the party calling for breakups or utility-like regulation,” Bank of America (NYSE:BAC) analyst Justin Post said in a recent note.

Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT) Alphabet (NASDAQ:GOOGL), Amazon.com (NASDAQ:AMZN) and Facebook (NASDAQ:FB), which together make up a quarter weighting of the S&P 500, were up sharply, with the latter up 8%.

Energy also climbed higher, on a sharp uptick in oil prices after U.S. weekly crude inventories fell unexpectedly.

The U.S. Energy Information Administration reported that weekly crude stock fell by 8 million barrels last week. Economists had expected a build of about 900,000 barrels.

On the economic front, signs of cracks in the labor market just days ahead of the nonfarm payrolls report due Friday was largely cast aside in the shadow of the election.

Private payrolls grew by 365,000 last month, a sharp decline from the 749,000 in September, according to a report released Wednesday by ADP and Moody's (NYSE:MCO) Analytics. That beat economists’ forecast of 650,000.

Also raising some concern about the recovery, services activity slowed in October.

ISM nonmanufacturing data for September showed a fall to 56.6 from 57.8 the prior month, missing expectations of 57.5.

“This month's level indicates continued expansion, but at a slower pace. Combined with this morning's weak ADP data, it does not bode well for Friday's payroll data,” Jefferies (NYSE:JEF) said in a note.

In other news, Uber Technologies (NYSE:UBER) and LYFT (NASDAQ:LYFT) jumped more than 14% and 11%, respectively.

Californians voted against a labor law that aimed to reclassify drivers of the ride-hailing companies as employees rather than independent contractors.

Dow Shines as Late Biden Swing Muddies Trump Path to White House
 

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Comments (23)
Bill Bob
Bill Bob Nov 05, 2020 4:55AM ET
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We will finally see calmer periods in markets after trump is gone.
Anthony Badalamenti
Anthony Badalamenti Nov 05, 2020 4:55AM ET
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Calm meaning down right?
Mark Deren
Mark Deren Nov 05, 2020 2:47AM ET
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Late Biden Swing! You mean Democratic Voter Fraud!
Hching Cheah
Hching Cheah Nov 05, 2020 2:16AM ET
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good job joe see you next week
Kwong To
Kwong To Nov 04, 2020 11:27PM ET
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Bye Humpty Trumpty and Fatty pompom. Good riddance!
Anthony Badalamenti
Anthony Badalamenti Nov 04, 2020 11:27PM ET
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What are you 5, maybe 6 at most?
Chris Sundo
Chris Sundo Nov 04, 2020 7:20PM ET
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It's shocking to see the level of education in a country when 1 out of 2 people vote for a character like Trump
Cindy Morgan
Cindy Morgan Nov 04, 2020 7:20PM ET
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Is schocking to read that uou dont understand the way people vote. They dont vote for person but for the party
Patrick Lam
Patrick Lam Nov 04, 2020 7:20PM ET
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Wear a mask to protect your lungs and health vs go ahead and do whatever you want. Yolo is causing America downfall
Chris Sundo
Chris Sundo Nov 04, 2020 7:20PM ET
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Cindy Morgan  -- the party, the GOP has been saving money on infrastructure and education thus causing this education mess and you can see the poor choices people make about covid, mask-wearing, social distancing, and what they eat. As a result of the people's poor and uninformed choices (including voting choices), the nation's defenses are barely manageable due to young people not able to fight for the country due to obesity. The DOD recently has been requesting higher levels of nutrition to improve the quality of troops.
Chris Sundo
Chris Sundo Nov 04, 2020 7:20PM ET
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Patrick Lam  -- I've been wearing a mask and following all guidance by the government since January 2020. I have eyes and ears to see what happened in Asia for instance. I watched youtube to see how the wards and hallways of Chinese hospitals were crammed full of people and people pleading with doctors to treat their family members. Americans seem to be blind and thinking that America is the centre of the world, very nationalistic but very blind, ignorant and perilous for the future. == How about you and protecting yourself from a virus that causes lasting damage to your lungs, heart and compromises your quality of life when you finally come down in your immune system as it always happens sooner or later?
Greg Nathan
Greg Nathan Nov 04, 2020 7:20PM ET
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Cindy Morgan .  They are voting Republican, not necessarily for Trump.  If you love freedom you can't vote Democrat.  If you think differently, tell us about it.
James Pattison
James Pattison Nov 04, 2020 7:17PM ET
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Massivd irregularities... 3:30 am and 4 am brought 132,000 and 200,000 to the biden total without one going to the president...
Anna Ngan
Anna Ngan Nov 04, 2020 7:17PM ET
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And dead people caught voting
sumberjaya it
sumberjaya it Nov 04, 2020 6:44PM ET
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American love peace and stability in this attribute of election. world trades and stability will drive in the rail normally
Joshua Holcomb
Joshua Holcomb Nov 04, 2020 6:12PM ET
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https://www.google.com/amp/s/amp.usatoday.com/amp/3755707001
Joshua Holcomb
Joshua Holcomb Nov 04, 2020 6:12PM ET
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This is a breakdown of how the stock market performed with different party control of the presidency, house, and senate.
SORE LOSR TRMP SORE LOSR TRMP
SORELOSRTRMP Nov 04, 2020 5:53PM ET
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Well mr. tax Fraud was an Impeached, Lame duck president, Anyway...
Pratt Man
Pratt Man Nov 04, 2020 5:27PM ET
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now we'll all see a real economy by all Americans and real stock market performance. we have ended the national nightmare. I bought so much stuff on Amazon today to celebrate
Chris Sundo
Chris Sundo Nov 04, 2020 5:27PM ET
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your words in God's ear, man. Enjoy.
Seddik Berkouk
Seddik Berkouk Nov 04, 2020 5:27PM ET
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hahaha wait to see real economy, Biden is gonna lock you down and put on mask on you face to *******up, enjoy Amazon that s all you will have left
Ray Huggard
Ray Huggard Nov 04, 2020 5:27PM ET
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Now you will see a deoression that will destroy almost everyone.
ja mes
ja mes Nov 04, 2020 5:27PM ET
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if you wear masks and set up hygiene protocols, them there's no need to lock down.
New Jazenevd
New Jazenevd Nov 04, 2020 5:16PM ET
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Reps likely keep senate and it means no changes in taxes. It is the main thing to know for stock investment purposes: market will be ok going forward.
Chris Sundo
Chris Sundo Nov 04, 2020 5:11PM ET
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Should be interesting what all the former prez's are thinking. I don't hear nothing.
James Pattison
James Pattison Nov 04, 2020 5:11PM ET
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Fraud... couldnt win without cheating
ed ward
ed ward Nov 04, 2020 4:59PM ET
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arizona or nevada flips red, biden loses. arizona stays blue, democrats get their dreams of higher tax and more lockdowns. too bad they lost the senate and cannot pack the supreme court, and have lost many seats in the house.
Michael Song
Michael Song Nov 04, 2020 4:59PM ET
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Biden tamed trump:) something his family didn't do:)
Michael Song
Michael Song Nov 04, 2020 4:58PM ET
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by bye ginger spoilt kid
Jack Galloway
Jack Galloway Nov 04, 2020 4:58PM ET
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You muttonhead
David Bennett
David Bennett Nov 04, 2020 4:54PM ET
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the definition of fraud
ed ward
ed ward Nov 04, 2020 4:42PM ET
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republicans retained the senate, extended their numbers in the house. president is irrelevant at this point in reality. nice to see the media and polls were completely wrong again. amazing to see so many people bending over and begging for higher tax and more lockdowns.
Mitchel Pioneer
Mitchel Pioneer Nov 04, 2020 4:35PM ET
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Another history-making, criminally manufactured rally.  The fraud in this market continues to break records.  Welcome to the first legalized Ponzi scheme in world history.
MoneyMaker Love
MoneyMaker Love Nov 04, 2020 4:35PM ET
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Nothing news
ed ward
ed ward Nov 04, 2020 4:33PM ET
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"late biden swing" = delaying election counts in democrat-run swing states, boarding up windows in polling places, and finding statistically impossible number of biden ballots overnight
ed ward
ed ward Nov 04, 2020 4:32PM ET
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arizona is actually now back in play, trump only needs 57% of the remaining ballots and they are primarily in person ballots, which he has been winning 60%+ of... republicans retained the senate, have so far gained half dozen seats in the house and trump was ahead by over 5% in just about every swing state last night... the "most corrupt Vice President ever" is trying to win by finding ballots after the election. senate is the most important thing through in reality. no court packing, which means supreme court remains conservative. if republicans seal the house then game over for democrats independent if they get the demen.ted old man into office.
Luuk Bernard
Luuk Bernard Nov 04, 2020 4:28PM ET
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What a fake democracy lol.China will have a good laugh as the new world leader .DeomcRATS fraude very scary.SEnate still in Rep.hands.Joe Biden the lame Duck for 4 years R.I.P USA
Mojo Snake
Mojo Snake Nov 04, 2020 4:26PM ET
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YaY higher taxes for all...... That's a reason to rally.  I'm going to put my life savings in.
Chris Sundo
Chris Sundo Nov 04, 2020 4:26PM ET
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Why is higher taxes a reason to rally the market?
Mojo Snake
Mojo Snake Nov 04, 2020 4:26PM ET
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Chris Sundo  That's exactly my point, sarcasm.  Wall St is as corrupt as the news media.
Benjamin McIntire
Benjamin McIntire Nov 04, 2020 4:26PM ET
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Trump gonna pull all the lawyers out. If theres something republicans love its a gaggle of lawyers to do their bidding!
ed ward
ed ward Nov 04, 2020 4:26PM ET
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yes, clearly only republican politicians utilize lawyers and the legal system. very intelligent comment.
Jeff Chevalier
Jeff Chevalier Nov 04, 2020 4:26PM ET
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Drump has sued or screwed everyone he could his whole life. Why stop now?
Chris Sundo
Chris Sundo Nov 04, 2020 4:26PM ET
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Makes sense for a guy who can't think and talk well to use lawyers to do his arguing. That's probably the best leverage he can put his inherited money to. It shows the basically evil nature that Trump is and that he is trying to squeeze the resources of America for his own purpose as long as America will allow him to do and against all the lawyers he can muster up. -- He came is a legal mess and he's gonna go in a legal mess. Sure wonder how long it's going to take the IRS to recoup unpaid taxes, garnishee those from his retirement income, and the SEC to indict him on insider trading.
 
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