Investors awaiting the very close election results between President Donald Trump and Joe Biden rose.
The Dow Jones Industrial Average rose 367 points, or 1.34%, to 27,847, the S&P 500 bounced 2.2% and the Nasdaq 3.85%.
Tech stock including Apple (AAPL) – Get Report And Amazon.com (AMZN) – Get Report As investors rose, betting on the sector before insisting on a divided government and a no-confidence rift.
UnitedHealth (Uhh) – Get Report As investors jumped on whether Trump or Biden ends up in the White House, the Senate deadlock will mean no dramatic changes for the health care sector.
“We are holding markets in the midst of some degree of technological uncertainty,” said Mike Lovengart, managing director of investment strategy for e-trade.
“We would caution anyone with too much reading in Tech’s rise who might be taking over the Oval Office – driven by the growing prospect of a divided Congress putting a loss on expectations for increased regulation against the region. And the win for some of these companies about gig workers in California probably isn’t hurting them. “
Trump announced that he had won a second term without evidence, and said that he would ask the Supreme Court to stop the counting of votes because he claimed the election had been teased with fraud. Trump’s campaign said Wednesday that he filed a lawsuit to block counting of election ballots in Michigan and Pennsylvania.
Biden told supporters he was “on track to win this election” and urged patience in the form of ballots in the major states of Michigan, Pennsylvania, Wisconsin, Georgia, North Carolina and Nevada.
CNN reported on Wednesday afternoon that Biden had won Wisconsin and Michigan, improving the Democratic’s chances of securing 270 electoral college votes to claim victory. Republicans appeared to maintain control of the Senate.
The US economy added more private-sector jobs than expected in October, setting a weak reading for the official US employment report to be released on Friday, according to automated data processing.
The ADP said private sector jobs rose 365,000 last month, well embarrassed by the Wall Street forecasts of 650,000.
Uber Technologies (UBER) – Get Report And lyft (Lyft) – Get Report Voters in California made the leap Wednesday after approving Proposition 22, which would classify drivers of companies as contractors rather than employees for benefits and job security.