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Stocks End Higher as Wall Street Awaits Vote Count

TheStreet logo TheStreet 11/4/2020 Joseph Woelfel
a person standing in front of a building: Stocks End Higher as Wall Street Awaits Vote Count © TheStreet Stocks End Higher as Wall Street Awaits Vote Count

Stocks end higher as investors awaited the results of the too-close-to-call election between President Donald Trump and Joe Biden.

The Dow Jones Industrial Average rose 367 points, or 1.34%, to 27,847, the S&P 500 gained 2.2% and the Nasdaq jumped 3.85%.

Tech stocks including Apple and Amazon.com rose as investors bet on the sector in advance of a split government and less of an emphasis on an antitrust crackdown.

UnitedHealth jumped as investors calculated that regardless of whether Trump or Biden ends up in the White House, a Senate stalemate will mean no dramatic changes for the health-care sector.

"We're in somewhat of a holding pattern in the markets amid the election uncertainty, aside from the big moves in tech," said Mike Loewengart, managing director of investment strategy at E-Trade.


Video: Stocks look to extend Monday's gains (CNBC)

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"We'd caution anyone from reading too much into tech's rise as a predictor of who will take the Oval Office - could be driven by the increasing likelihood of a divided Congress, which puts a damper on hopes for increased regulation against this sector. And the victory for some of these companies in California regarding gig workers probably isn't hurting them either."

Trump declared he had won a second term, without evidence, and said he would ask the Supreme Court to stop ballot counting as he claimed the election has been riddled with fraud. Trump's campaign said Wednesday it filed lawsuits seeking to halt the counting of election ballots in Michigan and Pennsylvania.

Biden told supporters he was "on track to win this election" and urged patience as ballots in the key states of Michigan, Pennsylvania, Wisconsin, Georgia, North Carolina and Nevada were still being counted.

CNN reported Wednesday afternoon that Biden had won Wisconsin and Michigan, improving the Democrat's chances of securing the 270 electoral college votes needed to claim victory. Republicans appeared to retain control of the Senate.

The U.S. economy added far few private sector jobs than expected in October, according to Automatic Data Processing, perhaps setting up a weak reading for the official U.S. employment report to be released Friday.

ADP said private sector jobs grew by 365,000 last month, well shy of Wall Street forecasts of 650,000.

Uber Technologies and Lyft jumped Wednesday after voters in California approved Proposition 22, which would classify the companies' drivers as contractors rather than employees eligible for benefits and job protections.

This article was originally published by TheStreet.
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