sleep? Sorry – don’t know them. Like the predictions, the US presidential election is drawn out, dramatic and all-consuming. But global equity has absolutely risen for the majority of the week rather than succumbing under tension.
The alphabet rose 8%, led by a major US tech stock that rallied at the fastest rate since April. Amazon, Microsoft and Apple posts earn more than 9%. And Tesla and Facebook are booming more than 10% a week.
Between Wednesday and Thursday, those profits rose by the Nasdaq over 6%, while the Dow Jones rose by about 3.5%.
But by the end of the week there was a bit of steam going away, but global equity ended up lazy. The market, which recovered all the ground lost the previous week, chose this week’s restrained, modest victory.
This led to a 0.35% drop in the Dow on Friday, a CAC down about half, a 0.70% drop in the DAX, and a FTSE 100 that remained all flat as trading closed.
Speaking about Flat Global Equity Performance on Friday, Connor Campbell from Spreadex Financial Analyst commented.
“After seeing dizziness at the beginning of the week, news that Joe Biden won Pennsylvania and therefore failed to move Dow Jones.”
“Instead, the index is opened flat and lurks just below the 28,400 mark, which is lurking in a performance that is partially informed by the fact that it recovered all the losses from last week.”
“There’s no more need to escape the Covid-19 depression that exists at the end of October. The Dow may be able to hesitate to move higher in the face of potential recounts and legal challenges that will be part of the aftermath of the election. It’s already been confirmed that there’s a recount in Georgia, where Biden is leading by just 1,579 votes, and in the states where Trump is seeking one in Wisconsin.”
