Stocks climbed higher as investors awaited the results of the impending election between Presidents Donald Trump and Joe Biden.
The Dow Jones industrial average rose 367 points, or 1.34%, to 27,847, the S&P 500 up 2.2% and the Nasdaq up 3.85%.
Technology stocks include Apple (AAPL) – Receive reports and Amazon.com (AMZN) – Receive reports increased when investors bet on the sector against a divided government and focused less on an antitrust crackdown.
UnitedHealth (UNH) – Receive reports Soaring as investors calculate that no matter Trump or Biden is finally in the White House, a Senate stalemate won̵7;t mean there aren’t any significant changes to the healthcare sector.
Mike Loewengart, managing director of investment strategy at E-Trade, said: “We are somewhat on a holding pattern in the context of election uncertainty, alongside big moves in technology. “.
“We warn anyone who reads too much about the rise of technology as a prediction about who will take over the Oval Office – possibly motivated by the growing likelihood of Congress being divided. Reducing hopes of increasing regulation for the sector. And some of these companies’ triumphs in California over contract employees probably doesn’t hurt them either. “
Trump claimed he had won a second term, without proof, and said he would ask the Supreme Court to stop counting votes because he claimed the election had been more fraudulent. Trump’s campaign on Wednesday said it had filed lawsuits aimed at preventing ballot counts in Michigan and Pennsylvania.
Biden told his supporters that he was “on the right track to win this election” and called for patience as votes in key states such as Michigan, Pennsylvania, Wisconsin, Georgia, North Carolina and Nevada is still being counted.
CNN reported Wednesday afternoon that Biden won Wisconsin and Michigan, improving Democrats’ chances of winning the 270 electoral college votes needed to declare victory. Republicans seem to keep control of the Senate.
The US economy has few more private sector jobs than expected in October, according to Automatic Data Processing, perhaps causing the official US jobs report to be released on Friday. .
ADP says private sector jobs rose 365,000 last month, far below Wall Street’s forecast of 650,000.
Uber technology (UBER) – Receive reports and Lyft (ELEVATOR) – Receive reports It spiked on Wednesday after voters in California passed Proposition 22, which would classify corporate drivers as contractors rather than employees eligible for benefits and job protections.