"Stocks rise in post-election rally even as winner remains unclear, S&P 500 jumps 2%"

" \n U.S. stocks climbed on Wednesday even as the results of the presidential contest so far failed to yield a clear winner. \n \n\n \n The Dow Jones Industrial Average jumped 367.63 points, or 1.3%, to 27,847.66. The blue-chip benchmark surged more than 800 points at its session high before fading a bit into the close. The S&P 500 rose 2.2%, or 74.42 points, to 3,443.44 after gaining as much as 3.5% earlier in the day. \n \n\n \n The tech-heavy Nasdaq Composite popped 3.9%, or 430.21 points, to 11,590.78 as investors crowded back into the trade that\u2019s been working for most of this tumultuous\u00a0year. \n \n\n \n Traders appeared to look past the presidential race and instead concentrated on the battle for the Senate, where odds were increasing Republicans would keep control. \n \n\n \n \u201cI think the big news for the markets right now at least as it looks preliminary is that there\u2019s not going to be a blue wave, which is generally supportive for markets,\u201d said Mike Lewis, managing director of U.S. equity cash trading at Barclays, on CNBC\u2019s \u201c Squawk Box .\u201d \n \n\n \n \u201cI think that the outlook going forward for markets is this is going to be more about policy and the Fed than it\u2019s going to be about politics, which is a good thing for markets.\u201d \n \n\n \n President Donald Trump is projected to win the presidential vote in Florida, Indiana, Alabama, North Dakota and Kentucky along with South Dakota, Arkansas and Ohio, NBC News said. Democratic nominee Joe Biden is projected to win Maine, Vermont, Delaware, Maryland and Massachusetts as well as Colorado, New York and Virginia, according to NBC News. \n \n\n \n Biden appeared to be unable to take North Carolina, with Trump holding a lead in that state, according to NBC News. However, Biden was leading in Arizona and Michigan, according to NBC News, but it was too early to call the states. \n \n\n \n NBC News projected that Biden is the apparent winner in Wisconsin , a state Trump won in 2016. Trump\u2019s campaign manager said Trump plans to request a formal recount in Wisconsin. \n \n\n \n The campaigns for both candidates claimed they would win the race even though a half-dozen battleground states were still not called, including Arizona, Nevada, Wisconsin, Michigan, Pennsylvania, North Carolina and Georgia. \n \n\n \n \u201cI want to share with all of you that Joe Biden is on track to win this election and he will be the next president of the United States,\u201d Biden campaign manager Jen O\u2019Malley Dillon said Wednesday. \n \n\n \n Trump told supporters in the White House shortly before 2:30 a.m. that he was \u201cwinning everything\u201d and he \u201cdid win this election.\u201d \n \n\n \n \u201cWe were getting ready for a big celebration. We were winning everything, and all of a sudden it was just called off,\u201d Trump said. \u201cWe\u2019ll be going to the U.S. Supreme Court, we want all voting to stop.\u201d \n \n\n \n Shares of major tech-related companies jumped with Apple and Microsoft both up at least 4%. Facebook popped 8.3%, while Google-parent Alphabet and Amazon both jumped more than 6%. \n \n\n \n Wall Street traders and investors attributed the move in tech to a number of factors,\u00a0 including the group\u2019s consistently solid returns \u00a0and safety appeal in times of uncertainty. \n \n\n \n Additionally, some viewed the potential for Republicans to hold onto the Senate as a positive for the group since potentially higher capital gains taxes from a Democrat congress could have weighed on\u00a0the high-growth sector. \n \n\n \n \u201cIt appears investors may be satisfied with at least half a loaf (Republican Senate) and no tax increase, knowing they have a \u2018Fed put\u2019 if fiscal assistance is slower in coming,\u201d Stifel Head of Institutional Equity Strategy Barry Bannister said in a note Wednesday. \u201cThis favors Growth stocks over Value near-term.\u201d \n \n\n \n Bannister raised his S&P 500 target price to 3,800 from 3,100 by spring 2021, which would represent a more than 10% gain from here. \n \n\n \n Contested election? \n \n\n \n Traders also grappled\u00a0 with the possibility of a contested election result , which Wall Street strategists say could have major consequences for the stock market. \n \n\n \n Among other things, analysts warn that a delayed result would hamper the ability of Washington to pass additional fiscal stimulus amid a jump in Covid-19 cases. \n \n\n \n \u201cNews of a contested election could cause a sharp drop in stocks in the very short term, but we do not see it as a bearish gamechanger,\u201d Tom Essaye, founder of the Sevens Report, said in a note. \n \n\n \n Wall Street was coming off a strong two-day rally. With Wednesday\u2019s advance, the S&P 500 and the Dow has both gained more than 5% this week, while the tech-heavy Nasdaq has rallied 6.2%. \n \n\n \n \n \n\n \n Senate battle \n \n\n \n Traders were also eyeing the battle for the Senate and its implications for future fiscal policies. It was unclear whether the Democrats would be able to win back the Senate. Republicans possibly gained a key win with Republican Sen. Joni Ernst projected to win the Iowa Senate race . \n \n\n \n Meanwhile, Sara Gideon, a Democrat who challenged Maine Sen. Susan Collins, conceded on Wednesday afternoon. NBC has not yet called the race. \n \n\n \n Going into the election, traders feared a Democrat win in the Senate and a Biden presidency could bring higher tax rates, impacting technology shares especially. \n \n\n \n At the same time, some investors were hopeful that a so-called blue wave could yield a bigger stimulus to battle the effects of the coronavirus, boosting stocks linked to the broader economy. \n "

"Stocks rise in post-election rally even as winner remains unclear, S&P 500 jumps 2%"

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