Even with the North American elections underway and still without a leading candidate in the race, the main Wall Street indexes ended strongly on the rise, with gains of around 1%.
Historically, election day is a positive day for Wall Street and this Tuesday should be no exception: the S&P finished higher in nine of the last eleven election days in the country. In the 2020 elections, this benchmark index saw gains of almost 2%.
Investors gained momentum with economic data on services in the United States that accelerated to 56 points last month, the highest value since August 2022 and above what analysts expected, a sign of the economy’s strength.
The S&P 500 rose 1.23% to 5,782.76 points, while the Dow Jones Industrial Average added 1.02% to 42,221.88 points and the benchmark index for the technology sector, the Nasdaq Composite, advanced 1.43% to 18,439.17 points.
The results could take days before they are known, as polls continue to show no clear winner. Attention should also focus on the majority party in Congress, given that if one side wins both houses it could lead to significant changes in spending and tax policy.
Among the main market movements, Palantir Technologies rose 23.38% after presenting accounts for the last quarter that revealed record profits and great demand for the company’s artificial intelligence software.
Also noteworthy is the Republican candidate’s technology company, Trump Media & Technology, which rose more than 17% and had trading interrupted twice. When it resumed trading, it depreciated and ended the session down more than 1%. A Trump victory would be seen as a positive catalyst for the company’s bonds, while a defeat would push in the opposite direction.
Tesla, owned by Elon Musk, which has demonstrated several times that it is on Donald Trump’s side in these elections, rose 3.54%.
Source: www.jornaldenegocios.pt
