U.S. stocks rise as Trump leads the presidential race this year
On Tuesday, U.S. stocks opened sharply higher as President Donald Trump appeared to be doing better in some key states results in the U.S. presidential election this year.
“Trump is just doing better on the margin everywhere, and there have not been any big Biden upsets. What we are seeing now is Trump doing better and people are just defaulting to ‘Trump is good for the market,’ so why not just buy now and cut to the chase,” TrimTabs Asset Management New York’s Chief Executive Officer Bob Shea stated.
The Dow Jones Industrial Average (DJIA) went up by 1.90% or 252 points while the S&P 500 (SPX) rose by 2.48% or 56 points. The Nasdaq Composite (COMP) jumped by 2.8% or 310 points.
“The best case is going to be a gridlock either for a Biden or Trump presidency. I think the market is repricing its assumptions,” Great Hill Capital New York’s Chairman Thomas Hayes said in an interview.
On the other hand, investors raised technology shares as Wall Street decided to return to the investments that had helped to lead the market out of the depths of the coronavirus crisis.