
US and Asia-Pacific Stocks Soar after Biden’s Election Victory
Most traders hope that Biden will reduce international conflicts and push for peace. Therefore, their reaction to the election results was positive.
Most traders hope that Biden will reduce international conflicts and push for peace. Therefore, their reaction to the election results was positive.
Friday’s losses came along with the coronavirus cases in the U.S. hitting new all-time highs and European countries announcing new lockdowns. Besides, this messy week comes just three days before the U.S. election, and traders are preparing for mutable market moves next week.
Nasdaq Composite became the first of the big three indexes to bounce back to a record high. On Monday, it rose to 9,924.75, closing at the highest since February 19 when it ended at 9,817.18.
For the first time since March, the S&P 500 has reached 3,000. Dow Jones has already gained around 600 points today. On the back of rising indices, stocks of biotech companies are going up.
Because the Nasdaq is more concerned with U.S. investors, the index has commenced efforts to reduce the number of IPOs it hosts from small Chinese companies. Nasdaq is now very reluctant with approvals and support for these firms.
An official impeachment enquiry has been started against President Trump and there are concerns about what this news and the possible timeline of events, could do for stocks. Should investors be worried?