US stocks surged on November 5 on the day voters officially went to the polls, reflecting market optimism about a positive election outcome amid active trading.
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| US stocks surged on investor optimism about the 2024 US election. (Source: Bloomberg) |
Accordingly, the Dow Jones industrial index expanded 427.28 points, equivalent to 1.02%, to 42,221.88 points. The S&P 500 index increased 70.07 points, equivalent to 1.23%, to 5,782.76 points.
The Nasdaq Composite Index rose the most, by 1.43%, adding 259.19 points to close at 18,439.17.
All 11 major sectors of the S&P 500 closed in the green, with consumer staples and industrials leading the gains, up 1.83% and 1.67%, respectively. Materials posted the weakest gain, up just 0.2%.
The outcome of the presidential race between incumbent Vice President Kamala Harris and former President Donald Trump is expected to have a major impact on the US stock market.
Investors are bracing for the potential for major market volatility, especially if there are delays or disputes in determining the final outcome.
In addition to the presidential election results, investors are also anxiously awaiting the US Federal Reserve's November policy decision.
Fed Chairman Jerome Powell is expected to announce a further 25 basis point interest rate cut at the conclusion of a two-day meeting on November 7.
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