(New York) Wall Street was preparing to open higher after Joe Biden was elected as the next President of the United States, as futures on the major indices of the New York Stock Exchange were in the green on Sunday night at the start electronic exchanges.
Posted on November 8, 2020 at 6:38 p.m.
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At around 11:35 p.m. GMT, the futures contract (for December) on the Dow Jones appreciated 0.79%, that on the NASDAQ by 1.23% and that on the S&P 500 by 0.89%.
Futures contracts usually give an indication of where the stock market should go when it opens.
The New York place had already made significant progress last week, recording its best weekly performance since April.
From Monday to Friday, the Dow Jones had climbed 6.9%, the NASDAQ by 9% and the S&P 500 by 7.3%.
Wall Street was preparing to continue on the same dynamic as the mainstream American media announced on Saturday the victory of Democrat Joe Biden over Republican billionaire Donald Trump, who however refuses to concede defeat and has initiated several legal actions.
The market seems to be content with a possible scenario where the White House and the House of Representatives would be controlled by the Democrats, while the Senate would remain in the hands of the Republicans.
Such a situation would severely limit Mr Biden’s room for maneuver to enforce higher taxes on large companies and wealthy people as well as an increase in the tax on capital gains on the stock market, measures which are included in his program. .
Two special elections scheduled for January 2021 in the state of Georgia, a Republican stronghold until these elections, will determine control of the Senate.
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