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Wall Street ends little changed, posts big weekly gain on Washington gridlock hopes

Stock Markets Nov 06, 2020 04:21PM ET
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2/2 © Reuters. The statue of former U.S. President George Washington stands across the New York Stock Exchange (NYSE) following Election Day in Manhattan, New York City 2/2

By Chuck Mikolajczak

NEW YORK (Reuters) - U.S. stocks held near the unchanged mark on Friday to close out a strong week as Democratic challenger Joe Biden edged closer to victory in the presidential election, while the monthly jobs report underscored the hurdles still facing the economy.

Biden built on narrow leads in Pennsylvania and Georgia, putting him on the verge of winning the White House, although President Donald Trump has filed lawsuits in battleground states to contest the results.

The three major indexes notched their biggest weekly percentage gains since April as the prospect of policy gridlock in Washington eased worries a Biden administration might tighten regulations on U.S. companies.

"It’s not fairytale land, we don’t go up every day so at some point you would think we would see a little bit of downward pressure," said JJ Kinahan, chief market strategist at TD Ameritrade (NASDAQ:AMTD) in Chicago.

Control of the U.S. Senate could hinge on four as-yet undecided races. If Republicans retain their majority, they would likely block large parts of Biden's legislative agenda, including expanding healthcare and fighting climate change.

"There is some concern with regards to if Biden creeps ahead or wins Georgia then there is chance that those (Senate) seats will follow. That’s what people are reading into this," said Yousef Abbasi, global market strategist at Stonex Group Inc, New York.

The government's closely watched report showed unemployment dropped sharply to 6.9% last month from 7.7% in September, but job recovery slowed as fiscal support waned and coronavirus cases surged.

After the jobs report, U.S. Senate Majority Leader Mitch McConnell said economic statistics indicated Congress should enact a smaller coronavirus stimulus package that is highly targeted at the pandemic's effects. The Dow Jones Industrial Average fell 66.78 points, or 0.24%, to 28,323.4, the S&P 500 lost 1.01 points, or 0.03%, to 3,509.44 and the Nasdaq Composite added 4.30 points, or 0.04%, to 11,895.23.

(GRAPHIC: S&P 500 five day periods after presidential elections - https://fingfx.thomsonreuters.com/gfx/mkt/oakvenbrrpr/Pasted%20image%201604619422573.png)

Coty (NYSE:COTY) Inc surged 22.16% as the cosmetics maker beat analysts' estimates for quarterly revenue, while T-Mobile US (NASDAQ:TMUS) Inc gained 5.37% after adding more phone subscribers than analysts had expected in the third quarter.

Electronic Arts Inc (NASDAQ:EA) slumped 7.12% after the video game maker fell short of quarterly sales estimates.

Volume on U.S. exchanges was 10.36 billion shares, compared with the 9.23 billion average for the full session over the last 20 trading days.

Declining issues outnumbered advancing ones on the NYSE by a 1.41-to-1 ratio; on Nasdaq, a 1.63-to-1 ratio favored decliners.

The S&P 500 posted 51 new 52-week highs and no new lows; the Nasdaq Composite recorded 133 new highs and 32 new lows.

Wall Street ends little changed, posts big weekly gain on Washington gridlock hopes
 

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Comments (19)
Boyoung Schang
Boyoung Schang Nov 06, 2020 5:35PM ET
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Don’t worry your stocks will go up under Biden. That’s why big techs and giant cooperations donate to Biden. Lockdowns under Biden? It’s great for tech stocks!!  Only people who suffer are small businesses, blue collar workers, farmers and ranchers whom nobody cares about.
Benjamin Troyer
Benjamin Troyer Nov 06, 2020 2:04PM ET
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reuters is fake news with why would market pause when they think Biden already won.
Alan Rice
Alan Rice Nov 06, 2020 1:20PM ET
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Good riddance to the greediest administration EVER !!
Benjamin Troyer
Benjamin Troyer Nov 06, 2020 1:20PM ET
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your opinion is like a ******useless
Bev Mcguffee
Bev Mcguffee Nov 06, 2020 11:50AM ET
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Forget party-lines. There is nothing right about my standing in line for almost 2 hours, while not being allowed to vote if I was not in line by 7:00 pm on Nov. 3, while hundreds of thousands of mail in votes are coming in after the cut-off for in line voters, & being counted.  Masks and Social Distancing are most effective as a viral preventatives. There should be no mail in voting unless a person has a physician’s note  for the need.  My 89 year old Mother had to obtain one.  There is no doubt that whenever the ballot does not go directly from the voter’s hand into the voting machine, there will be probable errors, mistakes and intentional fraud, such as forged signatures; double voting; deceased voting.  Why aren’t mail-in votes counted at a certain time daily; recorded; and locked up for any future cause or need?  This poorly administered and accepted absentee voting is such a mockery to our integrity of voting as Americans.
Silverbug 19
Silverbug 19 Nov 06, 2020 11:37AM ET
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DHS created all official ballots with a blockchain watermark. Smell the Dem fraud and major military sting yet?
James Marshall
James Marshall Nov 06, 2020 11:37AM ET
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Biden along with the corrupt dems and reps know their time is up. next its time to clean out the fbi, cia, etc. Trump will be victorious and America will drop the hammer of justice
andy matalobos
andy matalobos Nov 06, 2020 11:37AM ET
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James Marshall Is he gone yet?👀🏛🗽
Joseph Valerio
Joseph Valerio Nov 06, 2020 11:25AM ET
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can't call it a "false claim" until it's proven to be false.
YUNUS EMRE ALTUN
YUNUS EMRE ALTUN Nov 06, 2020 11:25AM ET
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Claimer is responsible for proving his/her arguement. There is a invisible chair in front of you , you cant sense with anything , no scientific tool can find itBut it exists , prove that it is falseOr invisible pink unicorn example
Rick Chandler
Rick Chandler Nov 06, 2020 11:24AM ET
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Here comes the crash
Jesse Mulliniks
Jesse Mulliniks Nov 06, 2020 11:00AM ET
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Trumpers are in major denial
Matthew PM
Matthew PM Nov 06, 2020 10:43AM ET
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Democrats won't let Republican poll watchers in to watch the vote. total fraud by Democrats. Democrats are the big bankers now and Republicans are the common person. rolls have switched. Democrats are corrupt as usual but now more then ever.
Francis Prah
Francis Prah Nov 06, 2020 10:29AM ET
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Where is mr trump
 
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