Election Possibilities Narrow, Markets Soar

market soars while we wait election results cover image

There is little certain today after yesterday’s historic presidential election.

Many races are still too close to call and the White House and the Senate are still officially up for grabs.

But that didn’t stop President Trump from declaring victory in a speech given from the White House today around 2 a.m. The President said, “frankly, we did win.”

At writing, former Vice President Joe Biden holds a small lead in the critical battleground states of Wisconsin and Michigan. If he wins both states, he’ll have a clear path to victory.

Las Vegas oddsmakers show Biden with a better than 80% chance of winning.

The House of Representatives has been called. Projections say the Democrats will maintain control.

The Senate is still too close to call but Republicans have won several key races already and hold a small lead in North Carolina.

Markets are closely following the election. Futures flew overnight when Trump was shown to have an 80% chance of victory, then tanked when he prematurely declared victory.

Futures began perking back up as odds went back into Biden’s favor.

Markets appear to be pricing in a Republican control Senate, which would maintain a split government. The stock market historically outperforms when control of the federal government is split.

At writing, the Dow is up more than 600 points, about 2%, the Nasdaq is up almost 4%.

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