Stock Market Today: Dow, S&P Live Updates for Nov. 5, 2020

Stock Market Today: Dow, S&P Live Updates for Nov. 5, 2020

Stocks rallied globally as investors rushed back into technology and health-care firms on bets that the U.S. election results will mean no major tax hikes or regulatory changes that would derail the sectors. The dollar weakened to the lowest level in more than two years.
The S&P 500 jumped more than 1% for a fourth consecutive day and is headed for the best week since April. The tech-heavy Nasdaq 100 surged 2.6%, pushing its advance this week more than 9%. Federal Reserve officials kept interest rates near zero and made no change to asset purchases as the results of U.S. presidential and congressional elections remain uncertain.
“We’re seeing a resumption in leadership from technology,” said Tracie McMillion, head of global asset allocation strategy for Wells Fargo Investment Institute. “It appears markets really like the combination they think is most likely in terms of leadership going forward and that would be a Biden presidency with a Republican Senate.”
Vote counting continues in a handful of key states, with Democrat Joe Biden potentially needing to win just one to unseat President Donald Trump. That outcome could be accompanied by a divided legislature that is less likely to pass a multi- trillion-dollar stimulus package.
“In the short-run, the focus will remain on the prospects for a new fiscal package out of Congress, which may be possible before year-end once the election results are settled,” said Jason Pride, chief investment officer of private wealth at Glenmede. “But for now, the size, scope, and timing of that next package still remains unclear.”
The dollar retreated the most versus the euro since March. Oil declined for the first time in four sessions.
Increases in tech shares and some strong corporate results buoyed the Stoxx Europe 600 index. Uber Technologies Inc. and Peloton Interactive Inc. will release results after the close of U.S. trading.
Elsewhere, U.K. government bonds reversed an early advance as investors shifted their focus to the slower pace of debt-buying implied by the Bank of England’s new asset-purchase targets . Bitcoin climbed by more than $1,000 to over $15,000, more than doubling its value in 2020.
These are some key events coming up:
The key U.S. non-farm payrolls report is due Friday. Earnings are due this week from companies including Macquarie Group Ltd. and Toyota Motor Corp. on Friday. These are some of the main moves in markets:
Stocks The S&P 500 Index climbed 1.9% to 3,510.41 as of 4:02 p.m. New York time, the highest in more than three weeks. The Dow Jones Industrial Average increased 1.9% to 28,390.51, the highest in almost three weeks. The Nasdaq Composite Index increased 2.6% to 11,890.93, the highest in two months. The Nasdaq 100 Index jumped 2.6% to 12,078.07, the highest in more than three weeks. The Stoxx Europe 600 Index advanced 1% to 367.12, hitting the highest in almost three weeks with its fifth straight advance. The MSCI All-Country World Index increased 2.2% to 591.61, the highest in more than three weeks on the biggest climb in more than 20 weeks. Currencies The Bloomberg Dollar Spot Index sank 1% to 1,153.07, the lowest in more than two years on the largest decrease in more than seven months. The euro increased 0.9% to $1.1827, the strongest in almost two weeks on the biggest increase in five months. The Japanese yen appreciated 1% to 103.53 per dollar, the strongest in eight months on the largest rise in almost 10 weeks. Bonds The yield on two-year Treasuries increased less than one basis point to 0.15%. The yield on 10-year Treasuries gained one basis point to 0.77%. The yield on 30-year Treasuries dipped one basis point to 1.54%, the lowest in almost three weeks. Germany’s 10-year yield advanced less than one basis point to -0.64%. Britain’s 10-year yield jumped three basis points to 0.234%. Commodities West Texas Intermediate crude fell 1.6% to $38.52 a barrel, the largest fall in a week. Gold surged 2.5% to $1,950.65 an ounce, the highest in almost seven weeks on the biggest jump in more than seven months.

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