Markets gain ground following tumultuous election night

U.S. stock markets opened to healthy gains Wednesday morning, even after election night counting failed to establish clear outcomes in the 2020 election. 

 

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That led to a tumultuous night for stock futures, but stocks themselves rebounded on Wednesday.

In morning trading, The Dow Jones Industrial Average was up over 550 points, or 2 percent, and the S&P 500 shot up 88 points, or 2.6 percent. The tech-heavy NASDAQ soared 422 points, or 3.8 percent.

Through the night, stock futures fluctuated wildly as results in key states trickled in, and President TrumpDonald John Trump Chris Wallace condemns Trump claims that he won the election ‘Squad’ member Rashida Tlaib wins reelection in Michigan Biden campaign blasts Trump victory claim as ‘outrageous, unprecedented, and incorrect’ MORE prematurely declared himself the winner, even as half a dozen swing states remained too close to call and continued to count millions of votes.

As of Wednesday morning, markets seemed to rise with the prospect of a divided government, which would hamper the political agenda for either Joe BidenJoe Biden Chris Wallace condemns Trump claims that he won the election Biden campaign blasts Trump victory claim as ‘outrageous, unprecedented, and incorrect’ Bipartisan lawmakers condemn Trump for declaring victory prematurely MORE, should he win the electoral college, or President Trump should he win a second term.

One of the main questions in the air is the fate of a potentially enormous COVID-19 stimulus package, which officials such as Federal Reserve Chairman Jerome Powell say are crucial to the economic recovery.

 

Updated at 10:33 a.m.