North American stock markets upward at late afternoon despite U.S. election doubt

TORONTO – North American stock markets posted strong gains from late-morning trading despite the uncertain results of this U.S. presidential election using the outcomes of many crucial battleground states yet to emerge.

“This morning we are becoming a small burst of excitement,” Colin Cieszynski, chief market strategist in SIA Wealth Management, said Wednesday morning.

But, Cieszynski was careful about how much time it could last.

“We are still at a really uncertain time on many of arenas, so yes we are obtaining a relief rally but just how sustainable it’ll be very suspicious,” he explained.

President Donald Trump and Democratic challenger Joe Biden were secured in a tight struggle in three crucial battleground states. Outcomes in Wisconsin, Michigan and Pennsylvania were close to predict.

Back in Toronto, the S&P/ / TSX composite index was up 121. 72 factors into 16,060. 87.

The Dow Jones industrial average was up 595. 09 factors into 28,075. 12.

The S&P 500 indicator was up 92. 39 factors into 3,461. 41, although the Nasdaq composite index was up 424. 68 factors into 11,585. 28.

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Cieszynski stated the greatest motions were tied to stocks of Uber Technologies Inc. and Lyft Inc., which jumped over 10 percent later voters in California endorsed a proposal to get the motorists thought independent contractors, rather than employees.

Meanwhile, the U.S. buck had some large swings instantly but has become level.

Cieszynski said money market investors seem to be carrying a wait-and-see strategy.

“Even the U.S. buck was holding steady, the products have been picking up a small bit too now crude oil is upward thus overall from the entire so much the marketplace appears to be carrying the results rather well,” he explained.

The Canadian dollar was trading in 76. 10 pennies US in comparison to a mean of 76. 07 cents US on Tuesday.

The December crude contract has been upward 79 pennies at US$38. 45 per barrel along with the December natural gas deal has been down four cents at US3. 02 a mmBTU.

The December gold contract has been down US$10. 80 in US$1,899. 60 an oz and the December aluminum contract was two pennies at US$3. 11 per pound)

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This report from The Canadian Press was initially released Nov. 4, 2020.

Firms in this narrative: (TSX:GSPTSE, TSX:CADUSD=X)

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