U.S. and European stock prices continued to rise on Thursday, November 5, despite uncertainty over the outcome of the US presidential election, while the US dollar depreciated following the Federal Reserve’s (FRS) pledge to continue supporting the economy.
The winner of five states has not yet been announced after Tuesday’s US presidential election. Joe Biden is well ahead of Donald Trump in the number of electoral votes cast, but counting continues in Pennsylvania, Arizona, Georgia, North Carolina and Nevada.
“Investors have largely ignored the heated debate and uncertainty over the states, where the outcome of the vote is still unclear, indicating strong buying pressure on Wall Street,” he said. Gorilla Trades strategist Ken Berman.
Analysts say the rise reflects investors’ enthusiasm for the expected outcome of the election, which will leave power politically divided in Washington and hamper radical measures such as raising taxes.
U.S. stock prices have risen for four days in a row, with the three major Wall Street indices up at least 2% on Thursday.
Markets are also expecting additional fiscal spending in the US after these elections.
Also read: US continues to count votes, Trump sees attempt to “steal elections”
However, the number of COVID-19 infections continues to rise in the United States and Europe, and Europe is ahead of other regions in terms of the total number of cases.
The latest rise in COVID-19 is “particularly worrying,” FRS chief Jerome Powell told reporters after a US Federal Reserve policy meeting.
He acknowledged that the economic outlook was “extremely uncertain”, although the US was doing better than expected in economic terms.
US stock index Dow Jones Industrial Average on Thursday rose 2% to 28,390.18 points, the index Standard & Poor’s 500 rose 2.0% to 3,510.45 points, while the index Nasdaq Composite increased by 2.6% to 11,890.93 points.
The London Stock Exchange index FTSE 100 rose 0.4% to 5906.18 points on Thursday, the Frankfurt stock exchange index DAX 30 rose 2.0% to 12,568.09 points, while the Paris stock exchange index CAC 40 rose 1.2% to 4983 , 99 points.
In the e-commerce of the New York Stock Exchange, the price of WTI crude oil fell by 0.9% on November 5 to USD 38.79 per barrel. Brent The price of crude oil fell by 0.7% to $ 40.93 a barrel on the London Stock Exchange.
The euro rose from 1.1647 to 1.1832 dollars per euro on Thursday, the British pound against the US dollar rose from 1.2947 to 1.3150 dollars per pound, while the US dollar fell from 104.66 against the Japanese yen. to 103.55 yen per dollar. The euro depreciated against the pound sterling from 89.96 to 89.92 pence per euro.
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