Stocks Rise as Traders Map Out Election Game Plan
Stocks rose at the start of the busiest week for corporate earnings, with traders also gearing up for the US election and key economic data that will set the stage for the next Federal Reserve decision.
All major groups in the S&P 500 advanced, with the exception of energy shares that joined a plunge in oil. Airlines rallied. Shares of cryptocurrency companies surged, with Bitcoin extending its October gains. Trump Media & Technology Group Corp. soared alongside the implied odds in betting platforms like PolyMarket of Donald Trump returning to the White House.
A victory for Trump would be more beneficial for stocks and Bitcoin relative to his Democratic opponent, while a Kamala Harris presidency would bring slightly more relief to housing costs, according to a Bloomberg Markets Live Pulse survey. Some 38% of the 350 respondents see equities accelerating a year from now under the Republican candidate, versus 13% under the Democrat.
The S&P 500 rose 0.4% as of 12:30 p.m. New York time
The Nasdaq 100 rose 0.3%
The Dow Jones Industrial Average rose 0.7%
Source : Bloomberg
