- S&P 500 unofficially closes up 76.34 points, or 2.27%, at 3,445.50.
- DOW unofficially closes up 371.36 points, or 1.35%, at 27,851.39.
- NASDAQ unofficially closes up 424.77 points, or 3.81%, at 11,585.34.
US stocks surged on Wednesday, despite a close-run election that is still yet to be concluded.
The US election runs a high probability of being contested in the course no matter who is the outright victor and is still too close to call.
However, as things stand, there is a bias that the Republicans appear to have taken Congress while betting odds have Biden slightly ahead to win.
Meanwhile, there are still potentially days until votes in all key states are counted and the Trump Campaign is taking critical legal actions in Pennsylvania.
In fact, so far Trump is legally disputing Pennsylvania, Michigan and Wisconsin.
Early in the count, betting markets flipped from having for months assumed a win fo Democrat challenger Joe Biden to suddenly price a high probability President Donald Trump would keep the White House.
This weighed heavily on stock futures initially and risk FX, but as votes continued to stream in they had moved back sharply in favour of Biden in recent trade.
The price action in the indexes showed that there were many investors, however, still on the sidelines believing it was still too close to call.
With Republicans holding on to the Senate and preventing a Democratic ‘clean sweep’ the Presidency and Congress, Democrat policy initiatives are unlikely to be implemented.
However, a fiscal stimulus package may now be on the horizon which has helped to lift sentiment on Wall Street.
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