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  • Wall Street’s main indexes started the day in the positive territory.
  • S&P 500 Index is up more than 1% above 3,400.
  • The US election outcome is likely to take shape toward the end of the week.

Major equity indexes in the US opened in the positive territory on Wednesday as investors try to figure out who is going to be the next president of the US. As of writing, the S&P 500 was up 1.3% on the day at 3,407, the Dow Jones Industrial Average was gaining 0.47% at 27,614 and the Nasdaq Composite was rising 2.3% at 11,422.

Reflecting the upbeat market mood, the CBOE Volatility Index (VIX), Wall Street’s fear gauge, is down more than 11% on the day at 31.5. Among the 11 major S&P 500 sectors, the Healthcare Index is up 3.4% as the biggest daily percentage gainer in the early trade. On the other hand, the Materials Index and the Financials Index both lose more than 2%.

The latest headlines surrounding US elections revealed that former Vice President Joe Biden has taken a small lead in Michigan. On the other hand, President Trump is clinging to a healthy 10 point lead in Pennsylvania, according to the most recent Associated Press data. 

S&P 500 chart (daily)