US Market Rallied Impressively

The U.S. stock market closed the trading session on Wednesday, November 4 with active growth in the main indices. During the counting of votes in the US elections, the American stock market showed an incredible rally. The investors closely followed the news about the outcome of the presidential race. They easily ignored the possibility of unrest because of lawsuits that Donald Trump warned of in the event of his defeat.

On Wednesday, a small margin of votes allowed Democratic candidate Joe Biden to express confidence in his victory. Biden refrained from declaring himself the winner until achieving the required 270 electoral votes.

In the meantime, Trump also showed confidence about his victory and called the alleged irregularities in the counting “shame” and threatened to sue that in the Supreme Court.

The news reports about Trump’s plan to go into litigation in either way, did not disturb the perfect pace of a forceful US stock market rally.

The Dow Jones Industrial Average blue-chip indicator rose 367.63 points or 1.34 percent to 27,847.66 points as a result of the session, with the Standard & Poor’s 500 wide market index rising by 74.42 points or 2.21 percent to 3,443.44 points. The Nasdaq Composite high-tech industry index rose by 430.21 points, or 3.85 percent, to conclude at 11,590.78 points.

Nymex light crude for December delivery increased $1.49 to $39.15 a barrel on the commodity market, while Comex gold dropped $14.2 to $1,896.2 an ounce for December delivery.

More than half of the stocks closed in positive territory in the blue-chip index, including UnitedHealth, Facebook , Amazon, Alphabet and Salesforce, gained over 5 percent, while JPMorgan, Caterpillar and 3M lost more than 3 percent. Shares of Apple rose 4.1 percent at the end of the day.

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Shares of ride-hailing firms Uber Technology and Lyft jumped 14.6 percent and 11.3 percent, respectively, as California endorsed a plan to exempt these businesses from a new law requiring taxi drivers to be classified as permanent employees of the companies.

High-tech and pharmaceutical companies appeared better than the market, including Facebook shares that advanced 8.3%, Amazon 6.3%, Merck 4.8%, and Amgen 4.7%.

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