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u.s. news Diaranson 4 november 2020

Stocks rally again worldwide as Election Day finally arrives

(AP) — Stocks are rallying in stocks to happen in such of supplemental benefits for
Tuesday as Election Day a scenario. The future politi- laid-off workers and other
finally arrives following a cal makeup of the Senate is support approved earlier by
punishing campaign that also another unknown factor Congress.
created enough uncer- throwing uncertainty into the
tainty to help send mar- markets, along with the even- But investors see cases for
kets spinning. tual timing of a COVID-19 optimism in other electoral
vaccine. scenarios, too, no matter
The S&P 500 was 1.8% high- “There’s a sense that we who wins the White House.
er in afternoon trading and might get some clarity on the If Trump were to win, that
on pace for a second straight outcome of the direction of would likely mean a continu-
healthy gain. The Dow Jones one or two wild cards that ation of lower tax rates and
Industrial Average was up 523 have been moving the mar- lighter regulation on busi-
points, or 1.9%, at 27,448, as ket,” von Lipsey said. nesses, which would prop
of 1 p.m. Eastern time, and up the corporate profits that
the Nasdaq composite was If Biden ends up winning, as are the lifeblood of the stock
1.9% higher. The gains were polls suggest, the thought is market. other slowdown in growth. the S&P 500 after the cloud-
widespread and global, with that could open the door to Meanwhile, it’s another networking company report-
Treasury yields and oil prices a big support package for the Ultimately, many profession- heavy week for corporate ed a 19% drop in net income
also strengthening. economy, particularly if the al investors say which party earnings reports as compa- that nevertheless topped ana-
Democrats also take control controls Washington matters nies continue to report drops lysts' forecasts.
More than anything, what of the Senate. Many investors much less to the economy in profit for the summer that Gartner rose 11.6% after its
investors hope for is a clear expect a “Democratic sweep, and markets than what hap- weren’t as bad as Wall Street results for the latest quarter
winner to emerge from the which is the key to unlocking pens with the pandemic and feared. blew past analysts' expecta-
election, even if it takes a Congress’s ability to deliver whether a vaccine can arrive tions.
while for the votes to be tal- significant fiscal stimulus,” soon to help the economy Hanging above it all is the In European stock markets,
lied. Whether that’s President said Stephen Innes of Axi in heal. continuing coronavirus pan- France’s CAC 40 rose 2.4%,
Donald Trump or former a report. demic. Several European and Germany’s DAX re-
Vice President Joe Biden is If Trump were to win and the The election is dominating governments are bringing turned 2.6%. The FTSE 100
less important, because his- Senate stays under Republi- investors’ attention, but plen- back restrictions on busi- in London gained 2.3%.
tory shows stocks tend to can control, it would likely ty of other market-moving nesses in hopes of stemming
rise regardless of which party lead to less stimulus than events are looming this week. worsening virus counts. In In Asia, South Korea’s Kos-
controls the White House. under a Democratic sweep, The Federal Reserve is meet- the United States, where in- pi rose 1.9%, Hong Kong’s
according to Chris Zacca- ing on interest-rate policy fections are also rising at a Hang Seng gained 2% and
"The markets are neither red relli, chief investment offi- and will announce its deci- troubling rate, the worry is stocks in Shanghai climbed
nor blue and today they’re cer for Independent Advisor sion on Thursday. Its earlier that fear alone of the virus 1.4%.
decidedly green,” said Rod Alliance. A Biden win and moves to slash interest rates could depress sales for com-
von Lipsey, managing direc- Republican Senate would to record lows and to step panies. The yield on the 10-year
tor at UBS Private Wealth be least beneficial to stocks, forcefully into bond markets Treasury rose to 0.88% from
Management. meanwhile, because it would to push prices higher have So far this earnings reporting 0.84% late Monday.
mean the lowest chance for helped Wall Street soar since season, companies are saying A gauge of fear in the U.S.
What investors fear is the stimulus. March. their profits fell during the stock market, which mea-
prospect of a contested elec- summer, but not by as much sures expected volatility for
tion, one that drags on and Investors and economists The Labor Department is as Wall Street feared. the S&P 500, fell 4.5% and
injects even more uncertainty have been clamoring for a also releasing its jobs report continued its decline follow-
into markets. Much of Wall renewal of stimulus since the for October on Friday, where Arista Networks jumped ing last week’s jump to its
Street expects a sharp drop expiration of the last round economists expect to see an- 15.8% to the biggest gain in highest level since June.

Wisconsin trooper stops driver hauling snowmobile atop car

(AP) — The Wisconsin cording to DOT spokes-
State Patrol had a lit- woman Christena O’Brien.
tle advice for a guy who
transported a snowmobile The driver, Matthew Schmit,
by strapping it to the roof of Clayton, told the trooper
of his Toyota Corolla: Bad he had just bought the snow-
idea. mobile and was driving it
over to a friend’s house to
A trooper pulled over the show him, the Star Tribune
driver on Highway 63 in reported.
northwestern Wisconsin on
Sunday afternoon after see- “I know it looks sketchy, but
ing the snowmobile perched we had it strapped down and
sideways on top of the sedan. shook it,” he said. “Up like in
this kind of region, stuff like
The Wisconsin Department this gets seen all the time, but
of Transportation tweeted a more like the back roads.”
photo of the car with the Po-
laris topper on Monday with Schmit told the trooper his
a message: “Folks, don't try vehicle had Minnesota li-
this at home.” cense plates because he had
purchased the car in the Twin
The 23-year-old driver was Cities last spring and hadn't
issued a warning about the gotten around to transferring
hauling technique and cited the title.
for failing to buckle up, ac-