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Investing.com — Markets rallied as investors keep betting Joe Biden is poised to be named president of the United States.
The Dow Jones Industrial Average rose 1.88%, or 522 points. The S&P 500 was up 2.1%, while the Nasdaq Composite gained 2.4%.
The race between Biden and President Donald Trump narrowed ever so slightly with an additional vote count released in Nevada, giving the Democrat a slight leg up on his Republican foe. Trump’s legal team, meanwhile, is suing states like Georgia and Pennsylvania, which are still counting ballots and where Trump is currently leading.
Stocks rose for a fourth day with technology stocks leading the pack. Qualcomm (NASDAQ:QCOM) and Qorvo (NASDAQ:QRVO) were higher after reporting stellar results as 5G demand is set to grow.
The dollar retreated as gold prices surged 3% to more than $1,950. Crude oil fell on signs that the world’s largest producers are still cutting official prices and chasing market share.
The Federal Reserve is expected to announce its policy decision at 2:00 PM ET in New York. The Fed may take more aggressive action as the economy fails to soar amid increasing Covid-19 infection rates and shutdowns, and a split Congress that may be unable to pass stimulus funding.
Investors expect a split Congress that will leave Trump’s corporate tax policy unchanged and will be less likely to boost spending, according to Bloomberg.
General Motors (NYSE:GM) rose as Chief Executive Officer Mary Barra said the automaker will boost capital spending to speed up electric vehicle development.
