Dow Jones continues post-election rally, climbs more than 500 points
The stock market continued its election week surge on Thursday, as Joe Biden appeared to inch closer to the White House and the Federal Reserve left low interest rates untouched.
At the end of the trading day, the Dow Jones Industrial Average had tacked on more than 542 points, a surge of close to 2% that marked its fourth straight day of gains. The S&P 500 also climbed by a hair under 2%.
Rosy returns on Wall Street have arrived after markets tumbled in late October amid a COVID-19 case spike that has continued into this month.
Traders may have smiled at election results that could possibly send President Trump’s unpredictable trade policies packing while saddling Biden with a Republican-controlled Senate loathe to heavy regulation and tax increases.
On Thursday, the the tech-heavy Nasdaq Composite rose by more than 300 points, or about 2.6%.
In a statement, the Fed said Thursday that it is committed to employing its “full range of tools to support the U.S. economy in this challenging time.”
———
©2020 New York Daily News
Visit New York Daily News at www.nydailynews.com
Distributed by Tribune Content Agency, LLC.
