Wall Street Still Unfazed About Undecided Race

Dow rises 542 points
By Newser Editors,  Newser Staff
Posted Nov 5, 2020 3:04 PM CST
Wall Street Still Unfazed About Undecided Race
A street sign for Wall Street is seen outside the New York Stock Exchange Thursday, Nov. 5, 2020.   (AP Photo/Mark Lennihan)

Wall Street does not seem at all concerned that the US still doesn't know who will serve as its next president. The post-election rally continued on Thursday, with the Dow rising 542 points, or 1.9%, to 28,390. The benchmark S&P rose 67 points, or 1.9%, to 3,510, and the tech-heavy Nasdaq rose 300 points, or 2.5%, to 11,890. All in all, the market is on track to have its best week since April, reports the Wall Street Journal. As the AP notes, the indexes remained strong after the Federal Reserve's afternoon announcement that it will leave a key interest rate near zero because of continued concern about the pandemic.

Another factor in the week: Republicans have a good chance of keeping control of the Senate. "I’ve been speaking to investors for months and all the concerns about the Green New Deal, higher taxes, expansion of the Affordable Care Act—all of these things that you’ve heard—that now dissipates," Brian Levitt of Invesco tells the Journal. And despite the recent surge in coronavirus cases, investors seem optimistic that a vaccine will emerge relatively soon. "Markets are forecasting an improving environment," he says.

(More stock market stories.)

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