What happened yesterday?
After a wild election night sowed confusion across U.S. markets, investors frantically bid up stocks Wednesday, sending major averages to the biggest rallies in seven months, as they grew more confident that the tightly contested outcome would ensure key elements of the bull market remain intact for years to come.
The S&P 500 Index surged 3.4% to 3,483.92 as of 12:34 p.m. New York time, the highest in three weeks on the largest jump in seven months. The Nasdaq 100 Index surged 5% to 11,840.02, the highest in almost three weeks on the biggest jump in seven months. The FTSE 100, on the other hand, climbed gradually to finish up 88 points, 1.5%, at 5,875.2. The FTSE 250 ended up 258 points, 1.5%, at 17,749.9.
The yield on 10-year Treasuries decreased 13 basis points to 0.77%, the lowest in a week on the biggest tumble in more than seven months. Similarly, the yield on 30-year Treasuries decreased 13 basis points to 1.55%.
In terms of commodities, West Texas Intermediate crude increased 3.3% to $38.90 a barrel, the highest in more than a week on the largest climb in more than four weeks. Gold weakened 0.7% to $1,895.86 an ounce, the biggest fall in a week.
In company news:
The founding family of Clarks is reportedly expected to lose control of the shoe retailer for the first time in its 195-year-history following a £100m rescue deal.
Facebook and Twitter scrambled to curb online election interference and misinformation yesterday, adding labels to a stream of misleading posts from President Trump.
Uber and Lyft’s share prices soared after California voted to allow gig economy companies to keep treating their workers as independent contractors.
Lloyds Banking Group is to cut an additional 1,070 jobs – primarily in back-office support operations for technology and retail – despite reporting better-than-expected profits on the back of a UK mortgage boom less than a week ago.