U.S. stock-index futures Sunday evening were rising sharply as investors took early positions after former Vice President Joe Biden was projected on Saturday as the winner of a hard-fought presidential contest by a number of news organizations. Although votes remain to be counted and lawsuits from the incumbent Donald Trump administration have been filed over some ballot counting, investors are bracing for a new regime under the incoming 46th president of the U.S. Futures for the Dow Jones Industrial Average were trading up 315 points, or 1.1%, at 28,519, those for the S&P 500 index were advancing 1.1% at 3,539, while Nasdaq-100 futures were trading 1.3% higher at 12,230. Since Election Day on Nov. 3, investors have appeared upbeat around the prospect of a leader seen as a centrist in the White House, and the fact that Congress will likely be divided, with neither the Republicans nor the Democrats maintaining a significant majority in either the Senate–a setup that is often viewed as good in the long term for investors because it means few major changes can be imposed, including tighter corporate regulations, and higher taxes. Investors do, however, expect a stimulus package to be enacted to help combat the negative effects of the COVID-19 pandemic, even if that relief package isn’t as robust as had been hoped for. On Friday, The Dow fell 66.78 points, or 0.2%, to close at 28,323.40, while the S&P 500 lost 1.01 point, closing at 3,509.44. The Nasdaq Composite rose 4.30 points, less than 0.1%, to finish at 11,895.23. The S&P 500 ended that week up 7.3% and the Nasdaq jumped 9%. The Dow posted a weekly gain of 6.9%.
-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com
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