Wall Street closed higher as vote counting continues in the United...

Several stock brokers work on the New York Stock Exchange (EFE / Justin Lane)

Wall Street closed on Thursday higher, while all eyes are on the slow vote count to define the next president of the United States. With the performance of this day, North American stocks could close the week tomorrow with the highest weekly gains since April.

The benchmark S&P 500 index rose 2%, to 28,390.24, around 540 points, after its biggest daily advance since June on Wednesday. So far this week, its increase has been 7.4%.

The Dow Jones industrial average, meanwhile, rose 543 points, or 2%, comparing a previous gain of almost 650 points.

For the second day in a row, technology stocks led the charge after the Nasdaq Composite posted a 2.6% gain.

All three indexes are on track to report their best week since the period ending April 9.

A portrait of President George Washington in Federal Hall with a reflection of the New York Stock Exchange on Wall Street, New York, USA, this November 4, 2020. EFE / EPA / JUSTIN LANE
A portrait of President George Washington in Federal Hall with a reflection of the New York Stock Exchange on Wall Street, New York, USA, this November 4, 2020. EFE / EPA / JUSTIN LANE

The Democratic Candidate Joe Biden he is only six electoral votes away from reaching the White House. The results for Nevada, Alaska, Georgia, North Carolina and Pennsylvania remain to be known. The former vice president is enough to win just one of them. Donald TrumpInstead, it needs everyone to reverse the disadvantage it has so far.

The counting in those states is very slow due to the high flow of votes by mail and early. Some analysts estimated that this could sink the country’s shares. However, this did not happen on Wednesday or Thursday.

The key to this trend is not in the fight for the presidency, but in the race for control of the Senate. The Democrats almost took it for granted that they would regain the majority in the Upper House, and even dreamed of reaching 53 or 54 senators, which would have allowed much more progressive policies to be approved with almost no need to negotiate with the opposition.

Wednesday’s earnings bode well for performance over the next three months, according to the historical analysis on the bags the day after the elections.

“A good initial reaction after the election has been a very good sign,” wrote Sundial Chairman Jason Goepfert in a comment, adding that this was the first time the S&P 500 had risen more than 1.5% by both. Election day as the day after an election.

Fed Chairman Jerome Powell
Fed Chairman Jerome Powell

Fed announcement

The United States Federal Reserve announced today that will maintain in the range of 0% to 0.25%, to which it was lowered in March, the reference interest rate and reiterated that the covid-19 pandemic will continue to weigh on the economy of the country and the rest of the world in the short and medium term.

“The recent increase in covid-19 cases in the United States and in other countries is particularly worrying”Fed Chairman Jerome Powell said at a press conference after the two-day meeting of the Fed’s Federal Open Market Committee, which conducts the central bank’s monetary policy.

While uncertainty about the outcome of the presidential election persists, Committee members indicated that they will keep interest rates low until labor market conditions improve and inflation approaches the 2% target.

“The current economic crisis is the most serious in our lives,” Powell said, adding that it may be necessary “to continue the support of both monetary and fiscal policy.”

In his first post-election press conference, Powell avoided comment on the possible outcomes for a new stimulus program, but indicated that “There are a lot of conversations between both parties (Republicans and Democrats), and in both houses of Congress, which generally suggests that something will come out of there.”

“We will have a stronger recovery” than after the financial crisis of 2007-09, “if we just get at least a little more fiscal support where appropriate and to the extent that Congress believes it is appropriate,” Powell said.

The official indicated that the Federal Reserve has not run out of instruments to help the economy and there are still resources available in monetary policy.

US President Donald Trump is seen on a television screen as the DAX German stock price index reacts to the US presidential election on the Frankfurt Stock Exchange, Germany (REUTERS / Kai Pfaffenbach)
US President Donald is seen on a television screen as the DAX German stock price index reacts to the US presidential election on the Frankfurt Stock Exchange, Germany (REUTERS / Kai Pfaffenbach)

The European stock markets operated with rises pending the results of the elections in the US

The main European stock exchanges have caught the optimism of Wall Street, and they have closed with increases, also driven by the new stimuli from the Bank of England and by the improvement of the economic forecasts of the European Commission (EC).

Investors are watching the count of the US presidential elections, which remains unfinished, and the actions of the Federal Reserve (Fed) of the United States (USA).

At the closure, Madrid has gained 2.1%; Frankfurt, 1.98%; Milan, 1.94%; Paris, 1.24%; and London, 0.39%.

Previously, in Asia, Tokyo had risen 1.73%; Hong Kong, 3.25%; and Seoul, 2.4%.

With information from EFE

MORE ON THIS TOPIC:

The Wall Street Stock Market closed strongly on Election Day in the US

Patience, counting to the last vote and looking north and west: next steps in an election that could end in the Supreme Court

After the victory in Michigan, what does Joe Biden need to get to the White House

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