The Media Mob is telling us that Joe Biden will have a winning speech later on today, on Friday. At the same time, we also know that President Trump is running to the supreme court, while investors are waiting to see what the outcome of this election will be.
The stocks have gone straight up this week, and since 30 October 2020, this is the best election week for stocks since the 1930s. Nasdaq is the best performer, up 9,01%. S&P 500 is up 7,32% while Dow Jones is up 6,87%.
Investors were excited about the October jobs report on Friday. 638K jobs were added, and the unemployment rate is down to «only» 6,9%. That is good numbers in the middle of a pandemic and a historic election mess.
Donald Trump`s attorney, Matt Morgan, issued a strong statement on Friday morning claiming that the «election is not over» and that he believes his client will win re-election. The announcement comes shortly after the Decision Desk HQ called the race for former Vice President Joe Biden.
So far, it seems likely that the United States is headed toward a series of recounts, just like the Bush vs. Gore election in 2000. In the meantime, investors are in a wait and see mood, and that`s why we saw a lackluster day on Friday.
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