On Tuesday, in a see-saw trading session in the Wall Street, a slew of US stocks had wrapped up the day modestly higher, as investors seemed to have stepped up their bets further on a Democratic-led US Senate ahead of Georgia Senate elections’ outcome.
Aside from that, several Wall Street analysts were quoted saying late in the day that a number of market participants seemed to be benefitting from Monday’s slump, as investors were reportedly buying back a swathe of wide-ranging US stocks which had beaten a hasty retreat yesterday.
Nonetheless, the day’s robust gains in the Wall Street, was mostly buoyed up by the prospects of a Democrat-led US Senate, while the latest polls from website 538 had revealed late in the day that the Democratic challengers had been edging higher in Georgia Senate election runoffs.
More importantly, both Democratic challengers need to win their electoral races in Georgia’s Senate election to regain the US Senate back from the Republicans, which in effect would make it easier for the President-elect Joe Biden to implement his electoral agendas such as a sweeping overhaul of corporate taxations alongside a larger stimulus package.
Wall Street soars in choppy trading as investors await Georgia election outcome
Citing statistics, in the day’s Wall Street round off, trade-sensitive Dow added 0.55 per cent to 30,391.6, benchmark S&P 500 rose 0.71 per cent and tech-heavy Nasdaq jumped 0.95 per cent to 12,818.96, while energy stocks surged 4.5 per cent following an upsurge in crude oil futures’ prices with healthcare and material index hitting a fresh all-time closing high.
Meanwhile, addressing to a likely extension of a raft of US stock indices’ record-smashing rally, a Chief Investment Officer at Cresset Capital Management in Chicago, Jack Ablin said, “Having a divided government is what generally investors want, whether you’re a Democrat or Republican.
Investors prefer checks and balances. My sense is: we may get some clarity around the runoff by tomorrow, so why invest today?”