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Added on the 17/09/2018 19:15:46 - Copyright : Wochit
On Friday, US stocks made gains as hopes for a peaceful transition to the Biden administration offset concerns about soaring COVID-19 cases. Business Insider reports S&P 500 closed at a record high. On Thursday Pres. Donald Trump said he'd hand over power when the Electoral College certifies President-elect Joe Biden as the winner of the 2020 election. The US reported 125,082 new coronavirus cases on Thursday. That brought the seven-day average to 163,831, according to the COVID Tracking Project. Deaths topped 254,000, and hospitalizations jumped above 90,000. The stock market's "fear gauge" fell as low as 19.51 on Friday, dropping amid low trading volumes to its lowest level since the pandemic began.
The president of the European Commission Ursula von der Leyen warns any post-Brexit trade deal must not undermine the EU single market. SOUNDBITE
An RBC Capital Markets analyst says that based on recent options trading, the market believes the next US president will be known by November 6th. However, Amy Wu Silverman, RBC's head of derivatives strategy, believes the risk of a contested election is 'severely underpriced' in the stock market. According to Markets Insider, the stock market is eagerly waiting for Congress to pass the next fiscal stimulus package. However, no progress will be made until a clear winner of the election is determined. We in the options market think about tail events, my worry now is that maybe a situation coming up where there is not a clear winner for a while. Amy Wu Silverman, Head of Derivative Strategies RBC Capital Markets A tail event is an unpredictable and rare market outcome that could come as a shock to investors.
US stock markets opened with optimism Tuesday, as tens of millions of Americans head to the polls to decide who will be the next US president. According to Markets Insider, analysts say the upward bounce was a reaction to the end of the uncertainty surrounding who will get the top job. Fundstrat's Tom Lee said in a note to clients on Tuesday that the result would rally stocks, regardless of who won. If Democratic nominee Joe Biden wins, Lee expects a 10% rally. A surprise win for President Donald Trump could jolt stocks 15% to 17% higher. Asset manager BlackRock says that from ending political gridlock to producing sorely needed stimulus packages, the outcome could trigger an upturn.
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