US STOCKS-Wall Street closes sharply higher on U.S. Election Day stimulus hopes
Source: Reuters
NEW YORK, Nov 3 (Reuters) - U.S. stocks closed sharply higher on Tuesday as Americans voted in one of the country’s most rancorous presidential elections and investors bet it would be decided without a prolonged process, leading to a swift deal on more fiscal stimulus.
Democrat Joe Biden’s lead over Republican President Donald Trump in national opinion polls has raised expectations for a decisive outcome and a post-election stimulus package that would make good on Biden’s promises of infrastructure spending.
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“It seems as though the polls have narrowed which makes it a little bit more difficult for Biden but the market reacting the way it is now tells me the market thinks we are going to get a resolution fairly quickly,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.
“If for some reason we don’t have any kind of a clear picture, if there is an unwillingness to concede on the part of the loser and this ends up having to go to the courts, we are in for some choppy, volatile markets for awhile.”
Read more: https://www.reuters.com/article/usa-stocks/us-stocks-wall-street-closes-sharply-higher-on-u-s-election-day-stimulus-hopes-idUSL1N2HP2DG
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