U.S. and European stock prices rose on Tuesday, but the U.S. dollar fell as U.S. voters voted in a presidential election in which Democratic candidate Joe Biden hopes to defeat Presidential Republican Donald Trump.
Voters praised Trump for four years as president, when the US economy’s expansion with record low unemployment came to an end in March with the world’s largest new coronavirus outbreak.
Market participants looked at the election largely in terms of how it could affect the US response to the Covid-19 pandemic, especially given the possibility that the Democratic victory in the presidential and two houses of Congress could mean agreeing on a new economic stimulus package.
“The main reason why Biden’s victory is so desirable from a market perspective is that the ‘blue wave’ – that is, the takeover of Democrats by the Senate – would mean a stimulus plan far greater than anything Republicans would be willing to agree to,” he said. Spreadex analyst Konor Kempbel.
Investors also hope that the fight for the White House will be decided soon.
Oil prices rose after news that Russia was considering extending the crude oil reduction it agreed with OPEC this year for another three months.
The Dow Jones Industrial Average rose 2.1% to 27,480.03 points on Tuesday, the Standard & Poor’s 500 rose 1.8% to 3369.16 points, and the Nasdaq Composite index rose 1.9% to 11,160.57 points.
The London Stock Exchange index FTSE 100 rose 2.3% to 5786.77 points on Tuesday, the Frankfurt stock exchange index DAX 30 rose 2.6% to 12,088.98 points, while the Paris stock exchange index CAC 40 rose 2.4% to 4805 , Paragraph 61.
In the New York Stock Exchange e-commerce, the price of WTI crude oil rose 2.8% to $ 37.84 a barrel on Tuesday. The price of Brent crude oil rose 2.3% to $ 39.87 a barrel on the London Stock Exchange.
The euro rose against the US dollar from 1.1641 to 1.1711 dollars per euro on Tuesday, the British pound against the US dollar rose from 1.2917 to 1.3035 dollars per pound, and the US dollar against the Japanese yen fell from 104.72 to 104.52 yen per dollar. The euro fell against the British pound from 90.12 to 89.82 pence per euro.
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