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Wall Street Opens Lower but Rising on Reports Trump May Concede

Published 11/06/2020, 09:28 AM
Updated 11/06/2020, 09:35 AM
© Reuters.

© Reuters.

By Geoffrey Smith 

Investing.com -- U.S. stock markets opened modestly lower on Friday, but pared overnight losses on the back of a stronger-than-expected labor market report.

By 9:35 AM ET (1435 GMT), the Dow Jones Industrial Average was down 94 points, or 0.3%, at 28,296 points. The S&P 500 was down 0.4% and the Nasdaq Composite was down 0.6%.  They're all still on course for solid gains over the week, however, buoyed by the prospect that a split Congress will be unable to push through some of the Democratic Party's less market-friendly ideas. 

Just before the opening, stocks had spiked on a  Fox News report - so far unconfirmed - suggesting that President Donald Trump was preparing to concede defeat in the presidential election on the advice of his team. However, a statement from the Trump campaign indicated the opposite, saying that the election was "not over", pointing to the likely need for recounts in certain states and again repeating allegations of electoral fraud. 

"The false projection of Joe Biden as the winner is based on results in four states that are far from final," the Trump campaign said in a statement.

Trump's legal challenges so far have largely been thrown out by state courts. Biden, meanwhile, had crept into the lead in the late stages of vote-counting in both Georgia and Pennsylvania, all but clinching victory in the presidential election.

"Although there may be some passing concerns with respect to a contested result, the reality is that the U.S. election is now behind us," said Mark Dowding, chief investment officer of BlueBay Asset Management in London. "It would appear that investors have wanted to ‘buy the dip’, but have been left to chase the market as a dip has failed to materialize."

Amazon (NASDAQ:AMZN) stock lost 2.4% and Tesla (NASDAQ:TSLA) stock lost 2.6%, trimming the gains they made in the immediate aftermath of the election.

Earlier, the Labor Department had reported unambiguously positive news in saying the U.S. economy created 638,000 nonfarm jobs in October - more than the 600,000 expected and decidedly more than the 365,000 reported by payrolls processor ADP earlier in the week. 

One standout winner was Uber (NYSE:UBER) stock, which rose 3.6% to its highest in 16 months, extending gains on the back of Tuesday's crucial ballot win in California and undeterred by another big quarterly loss that it reported after the close on Thursday. 

A clear loser was video games maker Electronic Arts (NASDAQ:EA), which fell 10.4% after reporting that sales and earnings both fell on the year in the last three months.

 

Latest comments

All of the international users on this website that post pro-Biden propaganda while pretending to be Americans is laughable. There are some Americans for Biden on here certainly, but over half of these post are from people outside of America. So let me say this, Real American Citizens are not going to accept an illegitimate plant. The idea that things will get better for your country if your puppet Biden is in control is also a mistake. Real American citizens will resist and reject Biden at every turn. He will not get one thing accomplished and we will see to it. He will be investigated for his crimes and impeachment protocols started. This illegal and obvious voter manipulation operation by the Left-Winged socialist that are in the pockets of China will be on front stage for Real Americans every single day until he is imprisoned and the will of the people is restored to the United States.
Lol trump will never concede or admit defeat. He’ll cause a riot before he leaves.
Very presidential
He’ll take a page out of the liberal playbook? Very doubtful.... but i don’t see him conceding eigher. If i were him, I’d just say, “you can have it!”
hahahahaha! who wrote this?
🥀
DHS created all official ballots with a blockchain watermark. Smell the Dem fraud and major military sting yet?
#followthewatermark
Finally we will have an actual leader
Don't forget to stay tuned in to the MSM so they can keep telling you to think!
Thanks...I needed a good laugh! C'mon man! Step away from the crack-top, I mean the lap-pipe...I mean...I mean...you know "the thing"!
Yes!!!
im guessing this is more of a satirical site? you write such bs everyday. are you at looking at graphs at all?
Go home you lost
yes. all wayward lefty reporters on investing.com. Disciples of IMF WEF World Bank.and.UN
Trump will concede? Do you not know Trump? Fake news. Trump will not let the election be stolen without a fight.
Stolen election.
Someone stole your brain from the looks of it
Trump wont go down withou kickinh n screaming. Fox is like full of s# here.
Who writes this c**p... The lawsuits are piling up for fraud in Wisconsin, Nevada, Michigan, PA. Poll watchers were not even allowed inside, and polling stations were being boarded up and hidden... This election is going to the courts for settlement.
To people who down voted, There is hard evidence in Nevada of fraud. People registered in other states voted in Nevada. Person under 18 in wasco county, voted. This is textbook voter fraud. HARD evidences of over 3000 dead people voted. This is going to the courts and Trump will win this.
hard evidence of Trump campaign not understanding Nevada voting laws u mean? Try doing some more digging and see the reply from ACLU of Nevada.
Cause and effect? really😏
Lol
Trump will take it to the Supreme Court before conceding.
obviously you have experience
prepared the popcorns to watch the trump drama:). after him I declare the new republican candidate to keep up the standards..Kim Kardashian:))
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