Trading in stock futures was volatile Tuesday night as polling stations across the country closed and started to report their returns, with a winner in the presidential election still far from clear.
Just hours after recording their second-best performance on Election Day, Dow futures fell by around 250 points and then gained about 170 points, as President Donald Trump was predicted to win Sunbelt states and former Vice President Joe Biden was the projected victor in most Northeastern states, according to NBC News.
Futures on the tech-heavy Nasdaq gained as much as 3 percent, and S&P 500 futures were up by almost 2 percent.
Earlier Tuesday, Wall Street was buoyed by investor hopes that a clear winner would be declared in the presidential election and that a fiscal stimulus deal would be swiftly passed, helping the U.S. inch its way toward economic recovery after the coronavirus pandemic.
The wide-scale job loss and economic disruption caused by the pandemic have led many investors and observers to conclude that a "blue wave," a united government in which Democrats run both chambers of Congress, would more easily pass legislation to provide critical fiscal support.
Wall Street is already on edge because of the pandemic, and concerns about a succession are magnified this time around, especially if a weekslong fight were to imperil a fiscal stimulus bill.
Leading up to the election, Trump repeatedly suggested that he would refuse to participate in a peaceful transition of power if he loses to Biden. He has also claimed, without any evidence, that the historic number of mail-in votes will lead to massive ballot fraud.
Wall Street dislikes uncertainty, and after the 2000 presidential election, the S&P dropped by nearly 5 percent in the weeks between Election Day and Dec. 12, when the Supreme Court ruled in favor of George W. Bush.
"An outright succession crisis is the worst-case scenario," said Ryan Giannotto, director of research at GraniteShares. "We can't pull out a precedent to see what that would look like."
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November 04, 2020 at 10:59AM
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Wall Street whipsaws as election winner remains far from clear - NBC News
"street" - Google News
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