NEW YORK – Wall Street stocks rose on Nov 5, bouncing back from the prior session’s declines in a benign session held as voters went to the polls in the US presidential election.
Forecasters have for weeks pointed to a neck-and-neck contest between Vice-President Kamala Harris and former president Donald Trump.
“What the market is saying is that the economy has continued to hold up even in the face of all this uncertainty that we have,” said Ms Victoria Fernandez, chief market strategist at Crossmark Global Investments, who pointed to a host of potentially market-moving policy areas affected by the results.
The Dow Jones Industrial Average finished up 1 per cent at 42,221.88.
The broad-based S&P 500 gained 1.2 per cent to 5,782.76, while the tech-rich Nasdaq Composite Index jumped 1.4 per cent to 18,439.17.
All 11 sectors of the S&P 500 pushed higher, led by consumer discretionary and industrial stocks.
Large technology equities also advanced, including Netflix, which won 1.1 per cent despite a raid of the company’s offices in Paris and Amsterdam Tuesday as part of a tax fraud probe, a judicial source told AFP.
But Boeing dropped 2.6 per cent as a machinist union voted to accept the company’s latest contract offer, ending a more than seven week strike that closed two assembly plants in the Seattle area. The new contract includes a 38 per cent wage hike. AFP
