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US Stock Markets Rallied after Biden’s Victory


Syed Umarullah HussainiWeb Editor

09th Nov, 2020. 10:02 am
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US stocks

As the Democrats grab their win in recent US elections 2020, the stock market of America appeared to be welcoming Biden’s victory on the first day of the business week.

Futures contracts for December on the Dow Jones advanced by 0.99 percent, on the Nasdaq by 1.28 percent, and on the S&P 500 by 1.02 percent.

Wall Street stocks on Friday had finished their best week in months as Biden inched closer to victory in the election against Donald Trump. The broad-based S&P 500 closed up 7.3 percent for the week, its best since April.

The Dow slipped 67 points or 0.2%. The S&P 500 and the Nasdaq were flat.

Asian Markets

Markets in the Asia Pacific also advanced Monday. South Korea’s Kospi Index (KOSPI) was up 1.3%, while Hong Kong’s Hang Seng Index (HSI) added 1.2%.

China’s Shanghai Composite Index (SHCOMP) notched up 1.1%. Japan’s Nikkei (N225) rose 2.1%.

Earlier on Saturday the newly elected president of the United States, Joe Biden announced during his victory speech his plans to assemble a coronavirus taskforce that will aid in helping curb the spread of the virus.

Biden is set to announce the names of those on his task force on Monday, two sources with knowledge told CNN. The number of coronavirus cases has seen an upswing with more than 50 million cases of Covid-19 reported worldwide.



Joe Biden, the New American President 

Joe Biden achieved 290 Electoral College votes, beating Republican candidate Donald Trump who achieved 214 Electoral College votes. Biden has achieved 74 million votes so far, the most ever for a US Presidential candidate. 

Mr. Biden, 78, has become the oldest first-ever president in American history. 

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