Trading News

For the second straight day, US stock markets closed higher. The positive trend emerged amid forecasts that Biden will win the US presidential election. According to CNN, even the Dow Jones Industrial Average rose almost 2 percent, while the Nasdaq Composite gained 1.4 percent.

Biden's victory means Democrats will regain power in the Senate and control the House of Representatives. Despite the fact that the stock market prefers the Republican strategy, many investors have high hopes for Biden, after he announced the adoption of new packages of policies aimed at supporting the country's economy amid the coronavirus.

Wall Street is concerned about a possible recount

Independent experts expected a high voter turnout, given that the ballots were sent by mail, but the elections were still held in an unusual format for the United States due to the pandemic. To avoid civil disorder, large shopping malls and other crowded places in Washington, New York, and other cities were closed. Police representatives say that riots may still break out because of activists' disagreement with the election results. If this happens, a crisis will occur in the stock market.

It should be noted that both presidential candidates have already announced that they will challenge the election results if they are not in their favor. This kind of situation is of great concern to Wall Street experts. Most are counting on Biden to win, while others support Trump, pointing out that the S&P 500 has risen nearly 50 percent during his presidency. But neither side is satisfied with the uncertainty, which can drag on for a long time and destabilize the situation in the stock market, leading to a decrease in key stock prices.