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At the close of Tuesday’s trading session, the Dow was trading at 27,480.03, having added approximately 2.06%.
Major United States stock indexes scaled higher on Tuesday led by the Dow Jones, the S&P 500, and the Nasdaq Composite as investors closely monitored the hotly contested U.S. presidential election.
With the race narrowed down to Democratic candidate Joe Biden and the incumbent Republican candidate Donald Trump, investors can monitor the stock market at a better angle.
At the close of Tuesday’s trading session, the Dow was trading at 27,480.03, having added approximately 2.06%. The S&P 500 stock index closed the day trading at 3,369.16, 1.78% up. On the other hand, the Nasdaq Composite Index closed the day trading at 11,160.57, 1.85% higher than the days open.
U.S. Stock Indexes and the Presidential Election
Media outlet Reuters reported that the United States futures jumped on late Tuesday as Donald Trump appeared to be doing better than expected in key states, according to preliminary results.
President Trump has in the past been associated with investors feeling confident with the stock market. However, the race is very tightly contested and Donald Trump might not get a walk through like the prior presidential election between him and Hillary Clinton.
According to Bob Shea, Chief Executive Officer at TrimTabs Asset Management in New York, “Trump is just doing better on the margin everywhere, and there have not been any big Biden upsets.”
Shea further explained that people are just defaulting to an assumption ‘Trump is good for the market’. Therefore opting to buy now and take profits later. However, the Democrats feel confident in winning the race come to the end of the vote counting. Earlier on Wednesday, Joe Biden indicated that he feels optimistic and also on track to clinch the top seat.
“We feel good about where we are, we really do. I’m here to tell you tonight we believe we’re on track to win this election,” Biden said to supporters at his home state, Delaware.
During his term, Donald Trump has had to deal with tons of issues that are going to significantly affect the outcome.
Among them was how he handled the coronavirus pandemic in relation to the market. Although he faced notable challenges, Trump was able to pull off the largest stimulus package to jumpstart the market. However, there are criticisms that the second stimulus package was postponed after the election to act as blackmail. In general, Trump was able to revive most of the economic sectors despite the increased competition from China on the global trade market.
With the electoral process relying on mail service, it is expected the final tally will take longer than usual due to any form of uncontrollable delays.