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US STOCKS-S&P 500 futures climb as Wall St awaits vote count

Published 04/11/2020, 01:21
Updated 04/11/2020, 01:24
© Reuters.

© Reuters.

US500
-0.04%
DJI
0.07%
IXIC
-0.05%
VIX
0.00%
SPSY
0.21%
SPLRCI
0.06%

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* Banks, construction companies rise on stimulus bets
* Wall Street's fear gauge hits one-week low
* Ten of 11 major S&P 500 sectors gain

(Updates with market moves after the bell)
By Noel Randewich
Nov 3 (Reuters) - U.S. stock market futures climbed on
Tuesday as Wall Street bet an unusually rancorous U.S.
presidential election would be decided without a prolonged
process, clearing the way for a deal on fiscal stimulus to help
the struggling economy.
S&P emini futures EScv1 climbed 0.9%, adding to a rally
during the official trading session that saw the S&P 500 deliver
its strongest one-day gain in almost a month.
Democratic candidate Joe Biden's lead over Republican
President Donald Trump in national opinion polls has raised
expectations of a decisive outcome and a post-election stimulus
package that would make good on Biden's promises of
infrastructure spending. Some analysts said the market's strong gains also reflected
a rebound from a selloff last week, the biggest weekly
percentage decline for the S&P 500 in over seven months.
"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."
On election night 2016, U.S. stock index futures plunged as
Trump pulled off an upset victory against Democrat Hillary
Clinton. However, the next day marked the start of the so-called
"Trump rally" that saw the S&P 500 jump 5% in a month, fueled by
promises of massive tax cuts and financial deregulation.
In Tuesday's trading session, the Dow Jones Industrial
Average .DJI rose 2.06% to end at 27,480.03 points, while the
S&P 500 .SPX gained 1.78% to 3,369.02.
The Nasdaq Composite .IXIC climbed 1.85% to 11,160.57.
Gains were broad, with 10 of the 11 major S&P sectors rising,
led by financials .SPSY and industrials .SPLRCI , each up
more than 2%.
The CBOE Volatility index .VIX , Wall Street's fear gauge,
touched a one-week low after hitting a 4-1/2 month high last
week.
Not all stock sectors analysts have identified as likely
winners from a Democrat sweep rose, however, with marijuana and
renewable energy companies lower.
Democrats are also favored to emerge from 14 hotly contested
U.S. Senate races with full control of Congress, although final
results from at least five of those contests may not be
available for days, or months in some cases. Some view the races in hotly contested swing states as close
enough that Trump could piece together the 270 Electoral College
votes he needs to stay in the White House another four years.
on U.S. exchanges was 8.92 billion shares, compared
with the 9.02 billion average for the full session over the last
20 trading days.

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<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
"Biden" shares vs "Trump" shares https://tmsnrt.rs/3881PWc
Markets under different presidents during history https://tmsnrt.rs/3p35jj4
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