{"id":105429,"date":"2020-11-04T16:10:20","date_gmt":"2020-11-04T13:10:20","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/dow-rallies-more-than-800-points-as-blue-wave-fails-to-materialize\/"},"modified":"2020-11-04T16:10:20","modified_gmt":"2020-11-04T13:10:20","slug":"dow-rallies-more-than-800-points-as-blue-wave-fails-to-materialize","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/dow-rallies-more-than-800-points-as-blue-wave-fails-to-materialize\/","title":{"rendered":"#Dow rallies more than 800 points as ‘blue wave’ fails to materialize"},"content":{"rendered":"

“#Dow rallies more than 800 points as ‘blue wave’ fails to materialize<\/strong>”<\/p>\n

\n The \u201cblue wave\u201d didn\u2019t happ<\/a>en on Tuesday night \u2014 and Wall Street is breathing a sigh of relief.<\/p>\n

Stocks surged on Wednesday after Republicans dashed Democrats\u2019 hopes of taking both houses of Congress\u00a0in a so-called \u201cblue wave\u201d \u2014 meaning that Joe Biden, even if he does eke out a victory in the 2020 election, will have a tough time undoing President Trump\u2019s business-friendly policies.<\/p>\n

The Dow Jones industrial average climbed as much as 821.47 points, or nearly 3 percent, to 28,301.50 as the GOP appeared poised to maintain control of the Senate while Trump and Biden were\u00a0locked in a dead heat, although races in Wisconsin and Michigan were called in Biden\u2019s favor later in the day.<\/p>\n

The blue-chip index gave back most of those gains to close up 367.63 points, or 1.3 percent, at 27,847.66.<\/p>\n

Tech giants such as Amazon, Apple and Netflix \u2014 which stand to benefit from continued low taxes and lighter regulations under a GOP-controlled Senate \u2014 helped the Nasdaq surge 3.9 percent, while the benchmark S&P 500 index posted a 1.3 percent gain.<\/p>\n

\u201cAt a minimum we\u2019re going to have a divided Congress and we\u2019ll have more gridlock than we\u2019ll have sort of a mandate for either party, which means basically that they\u2019re not going to be able to do too much bad stuff,\u201d David Trainer, CEO of investment research firm New Constructs, told The Post.<\/p>\n

Wednesday\u2019s rally \u2014 which marked the Dow\u2019s third straight session of gains after\u00a0suffering an 1,800-point drop last week\u00a0\u2014 built on the earlier gains for different reasons. Some market observers in the run-up to Election Day had bet on a Democratic sweep clearing the way for another big stimulus package to address the coronavirus pandemic\u2019s economic fallout.<\/p>\n

\"Joe
Joe Biden<\/span>AP<\/span><\/figcaption><\/figure>\n

But that was just \u201cone narrative among many\u201d playing out on Wall Street in the final stretches of an uncertain election cycle, according to David Keller, chief market strategist at StockCharts.com. The actual state of play could end up being better for stocks than the scenario investors had braced for, he said.<\/p>\n

\u201cWhile a Biden election and a Democratic Congress would certainly make a stimulus more urgent and it would probably be larger and certainly help in the short term, they would also be implementing policies that would general<\/a>ly be not as business-friendly,\u201d Keller told The Post. \u201cIt\u2019s not just a binary thing.\u201d<\/p>\n

While some market experts expect Congress to deliver another stimulus bill regardless of who takes the White House, Wall Street will have to contend with the fact that it could take several days to declare a winner in the presidential race.<\/p>\n

Trump performed better than recent polls predicted, but more than half a dozen states remained too close to call early Wednesday, including the key battleground of Pennsylvania.<\/p>\n

Election officials have yet to count many mail-in ballots that are expected to favor Biden, but Trump\u00a0declared himself the likely winner\u00a0as he made unproven claims of fraud by Democrats.<\/p>\n

\u201cThe bigger problem now is that a new fiscal stimulus is now very unlikely in the foreseeable future, given the potential for extended legal action in coming weeks before a winner emerges, and even then we can look forward with trepidation to the president (whoever that is) having to battle lawmakers to get a stimulus bill through,\u201d said Chris Beauchamp, chief market analyst at IG.<\/p>\n

Thornton McEnery contributed reporting.<\/em>\n <\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Dow rallies more than 800 points as ‘blue wave’ fails to materialize” The \u201cblue wave\u201d didn\u2019t happen on Tuesday night \u2014 and Wall Street is breathing a sigh of relief. Stocks surged on Wednesday after Republicans dashed Democrats\u2019 hopes of taking both houses of Congress\u00a0in a so-called \u201cblue wave\u201d \u2014 meaning that Joe Biden, even…<\/p>\n","protected":false},"author":1,"featured_media":105430,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/11\/stocks-92.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[78435,70327,73977,72388,70360],"class_list":["post-105429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-11-4-20","tag-2020-presidential-election","tag-dow-jones-industrial-average","tag-stock-market","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/105429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=105429"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/105429\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/105430"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=105429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=105429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=105429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}