Wall Street draws close to victory as Biden edges – tech2.org

Wall Street draws close to victory as Biden edges


(Reuters) – Wall Street’s main index gave back some of this week’s sharp gains on Friday as investors waited for the nail-biting election results, while monthly payroll reports underscored the economic challenge facing America’s next president did.

FILE PHOTO: The statue of former US President George Washington stands on the New York Stock Exchange (NYSE) after election day in Manhattan, New York City, US, November 4, 2020. REUTERS / Andrew Kelly

Democrat Joe Biden led President Donald Trump to the battlegrounds of Pennsylvania and Georgia, putting him on the verge of winning the election hours after Trump’s false claim to win the White House.

“The market was quite comfortable with the idea (with Biden winning), but if it is contested, there is little uncertainty,” said Scott Brown, chief economist for Raymond James of St. Petersburg, Florida.

“Even with these states being really close, we have to go back and reunite so that we are in for a long period of uncertainty.”

Despite Friday’s losses, the benchmark S&P 500 and tech-heavy Nasdaq were on track for their best week since April as the prospect of a policy gridlock in Washington eased concerns about strict regulations on US companies .

Republicans can hold control of the US Senate pending the outcome of four undefined Senate races and they will likely block a large part of Biden’s legislative agenda, including expanding healthcare and fighting climate change.

Meanwhile, a closely watched report from the Department of Labor showed that US employers hired the fewest workers in five months in October for lack of new financial incentives, and the daily COVID-19 transition set new records in the United States Done.

At 10:11 am, the Dow Jones Industrial Average was down 0.28%, the S&P 500 was down 0.24%, and the Nasdaq Composite was down 0.74%.

Technology mega-caps including Apple Inc, Amazon.com, Facebook Inc and Alphabet Inc fell to strong gains this week and were among the biggest drugs on the benchmark S&P 500.

The Russell 1000 price index overtook Wall Street with modest gains in early trading, while the Russell 1000 growth index dropped 1%.

Coty Inc. jumped 14.4% as the cosmetics manufacturer beat analyst estimates for quarterly revenue, while T-Mobile US Inc. gained 5.7% after adding more phone customers than analysts in the third quarter.

The video game maker lowered its quarterly sales projections after Electronic Games Inc. lost 10.6%.

Disassembled out-ups on NASE escalate issues to 1.05-to-1, while reducing issues that the Admins of 1.59-to-1 have on Nasdaq.

The S&P index recorded 31 new 52-week highs and no new lows, while Nasdaq recorded 79 new highs and 15 new cows.

Reporting by Medha Singh and Susan Mathew in Bengaluru; Additional reporting by Sagarika Jaisinghani in Bengaluru and Tom Westbrook in Singapore; Editing by Bernard Orr, Soumyadev Chakraborty and Sriraj Kalluvila

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