On Wednesday, investors responded to uncertainty in election outcomes by strongly supporting proven winners and market leaders, which led to a major rise in US tech stocks.
After creating an upward movement of about 3% on futures, Nasdaq’s composites, which include high-tech, increased by about 4% to 11,605 points.
This high-tech stock storm was led by profits posted by big fan mag members. Apple (NASDAQ: AAPL) bounces back by more than 4%. Amazon (NASDAQ: AMZN) has skyrocketed by over 5%. Netflix (NASDAQ: NFLX) increases by 4%. Alphabet (NASDAQ:GOOGL) Over 6% storm. Microsoft (NASDAQ: MSFT) has increased by more than 4%. Facebook (NASDAQ:FB) hikes more than 7%.
Also noteworthy is that Tesla has gathered energy for a modest profit, despite the steam gone, which had risen by about 10% since Monday morning. Meanwhile, Uber added a notable 14% rally on Wednesday as he won a California bid to classify drivers as contractors.
The benefits of these large technologies were not entirely in line with other sectors, but their positive trajectory encouraged US stocks to climb more broadly. In fact, the S&P 500 rose more than 2.7% to 3,462 points.
Similarly, the Dow Jones collected about 2%, or more than 500 points. Importantly, this has made the index break the 28k benchmark for the first time in almost two weeks. It reflects some positive sentiment being injected into the stock as investors deal with election uncertainty. Perhaps, as seen in today’s big tech boom, indecisive elections were not as bad as many people feared.
For now, heading towards the second half of the European deal, Biden appears to be slightly ahead with the leads in Wisconsin and Michigan. As Connor Campbell of Spreadex Financial Analyst said, investors may be back to the idea of Biden Win.
“It appears that investors are once again taking office as president Joe Biden.
“(…) investors seem to have a kind of winner attitude towards the election. Yesterday’s growth was based on the hopes of a Blue Wave-led stimulus package. Now that the race is far more severe and there is little chance that Democrats will take the Senate, the market is celebrating the potential for saved tax cuts and celebrating health reforms.”
