By Francisco Rodriguez-Castro on November 4, 2020
The US stock market registered its best post-election returns in history, even with the still-to-be-decided presidential elections. The electoral process both in the US and Puerto Rico has been delayed, slow, divisive, and in most instances, quite surprising. In our view, this is a clear wake-up call to all leaders.
We are amazed that both stocks and bonds rose strongly even though Joe Biden’s expected win had yet to materialize Wednesday.
As most expected, President Trump began to lob fraud allegations late Tuesday night. Trump is threatening to file a suit with the Supreme Court to stop counting ballots received up to three days after the election.
Since 1932, no US president has lost an election or reelection unless a recession took place during their term.
On to the markets.
- The Dow Jones Industrial Average closed at 27,847.66, up 367.63 points, or 1.34%.
- The Standard & Poor’s 500 closed at 3,443.44, up 74.28 points, or 2.2%.
- The Nasdaq Composite Index closed at 11,590.78, up 430.21 points, or 3.85%.
- The Birling Puerto Rico Stock Index closed at 1,753.89, up 77.07 points, or 4.6%.
- The US Treasury 10-year note closed at 0.78%
- The US Treasury 2-year note closed at 0.14%.