Growing Investor Confidence On The Outcome Of U.S. Elections Balanced The Markets On Friday

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On Friday, the New York Stock Exchange finished close to balance but rose more than 7 percent over the week amid uncertainty over the U.S. presidential election on Tuesday. The voting count continued on Friday night, and Joe Biden seemed to be approaching victory at the time, while the Donald Trump camp filed legal action against the postal vote. Meanwhile, the job market began to rebound in October, but in the United States, where the threshold of 100,000 new daily cases of coronavirus was surpassed, the health situation worsened. On Thursday, the Federal Reserve also retained its very accommodative monetary policy but stands ready to act further in the face of the current crisis if appropriate.

The Dow Jones index on Friday, gave up 0.24 percent to 28,323 points at the end, while the large S&P 500 index ended stable at 3,509 points after a drop of -0.03 percent and the Nasdaq Composite, rich in technology and biotech inventories, added 0.04 percent to 11,895 points. Earlier, the EuroStoxx 50 dropped 0.36 percent in Europe and the CAC 40 gave up 0.46 percent, but reported its best week since April with rising of 7.8 percent.

At the time of this writing, Joe Biden was leading the elections with 290 votes against that of 214 of Donald Trump’s. But after the market close, the vote gave Joe Biden 253 Electoral College votes on Friday night to Donald Trump’s 214.  That evidently increased the chance of Joe Biden to be formally elected the 46th President of the United States on December 14.

Joe Biden addressed the U.S. nation on Friday night declaring his victory. For his part, Donald Trump, who, because of the high number of postal ballots, has been challenging the legitimacy of the election for weeks, has denounced fraud without presenting evidence and has launched multiple legal proceedings.

 

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