Indexes Rocket Even as No Clear Winner Appears in Election



U.S. stocks climbed on Wednesday even as the results of the presidential contest so far failed to yield a clear winner.

The Dow Jones Industrials gained 367.63 points, or 1.3%, though off its spellbinding highs of the day, to 27,847.66.

The S&P 500 jumped 74.28 points, or 2.2%, to 3,443.44

The NASDAQ popped 430.21 points, or 3.9%, to 11,590.78, as investors crowded back into the trade that’s been working for most of this tumultuous year.

Shares of major tech-related companies jumped with Apple and Microsoft both up at least 4%. Facebook popped 8.3%, while Google-parent Alphabet and Amazon both jumped more than 6%.

Traders appeared to look past the presidential race and instead concentrated on the battle for the Senate, where odds were increasing Republicans would keep control.

Media reports projected that Democrat Joe Biden is the apparent winner in Wisconsin, a state President Donald Trump won in 2016. Trump’s campaign manager said Trump plans to request a formal recount in Wisconsin.

Trump is projected to win the presidential vote in Florida, Indiana and Kentucky along with South Dakota, Arkansas and Ohio, media reports said. Trump is also projected to win Alabama and North Dakota. Biden is projected to win Vermont, Delaware, Maryland and Massachusetts as well as Colorado, New York and Virginia.

Prices for the 10-Year Treasury gained sharply, lowering yields to 0.77% from Tuesday’s 0.90%. Treasury prices and yields move in opposite directions.

Oil prices picked up $1.33 at $38.99 U.S. a barrel.

Gold prices fell behind $7.80 to $1,902.60.