By Francisco Rodriguez-Castro on October 7, 2020
The US stock market continues its seesaw volatility, albeit ending the day gaining ground. Investors appear to be reacting to President Trump’s tweet stating he would consider a “stand-alone bill” for “stimulus checks” of $ 1,200, backtracking the announcement he made yesterday. In our opinion, we do not foresee congressional agreement on any stimulus package before the November general elections.
The president may be reacting to a poll by The Economist that combines both state and national elections with economic indicators to the electoral outcome. The electoral-college vote estimate shows that former Vice President Joe Biden has a 91% chance of winning the election with 346 electoral votes (270 are needed to win) and President Trump with a 9% chance of winning the election with 192 electoral votes.
On to markets.
- The Dow Jones Industrial Average closed at 28,303.46, up 530.70 points, or 1.91%.
- The Standard & Poor’s 500 Index closed at 3,419.44, up 58.49 points, or 1.74%.
- The NASDAQ Composite Index closed at 11,364.60 up 210.00 points, or 1.70%.
- The Birling Capital Puerto Rico Stock Index closed at 1,610.32 down 20.30 points or -1.25%.
- The US Treasury 10-year note closed down at 0.81%.
- The US Treasury 2-year note closed flat at 0.16%.