The votes are still being counted but Wall Street is betting that a divided government will emerge, potentially lessening risks to the stock market.
 | THU, NOV 05, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 119.03 | +4.08 | +3.55% | | MSFT | 223.29 | +6.90 | +3.19% | | INTC | 45.68 | +0.31 | +0.68% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 119.03 | +4.08 | +3.55% | | GE | 7.99 | +0.14 | +1.78% | | BAC | 24.61 | +0.93 | +3.93% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 119.03 | +4.08 | +3.55% | | AAL | 11.60 | +0.59 | +5.41% | | AMD | 83.00 | +1.65 | +2.03% | |
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The votes are still being counted but Wall Street is betting that a divided government will emerge, potentially lessening risks to the stock market. The major indexes rallied Thursday, as the Dow Jones Industrial Average jumped more than 500 points, or 1.95%. The S&P 500 gained 1.95% and the Nasdaq Composite advanced 2.6%. Those gains built on Wednesday's strong performance and put the market benchmarks on pace for their best weekly performances since April.  Shares of major tech companies led the gains Thursday. Facebook, Amazon, Apple, Microsoft and Netflix were all up at least 2%. Investors in this high-growth sector cheered a potentially split government as it likely means taxes won't go up, antitrust scrutiny could stay in check and the China trade war doesn't get any worse. "Investors are content with a divided-government scenario," said Brian Jacobsen, senior investment strategist at Wells Fargo Asset Management. "In that scenario, there's not that much the president can do" in terms of policy. To be sure, a split Congress could complicate negotiations for further fiscal stimulus, which the Federal Reserve reiterated on Thursday was necessary for the economy to recover from the coronavirus pandemic. Catch The News with Shepard Smith at 7 p.m. ET on CNBC. The nightly newscast provides deep, non-partisan coverage and perspective on the day's most important stories. |
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