US Stocks Climb Even As Elections Results Remain Unclear

In overnight trading on Wednesday (New York time), US stock indices moved higher on possible optimism that the US Presidential elections' results are close to being determined. Dow Jones Industrial Average futures rose 0.04%, S&P 500 futures advanced 0.18%, while Nasdaq 100 futures was up 0.64%.

During the day, Dow Jones Industrial Average closed 1.3% higher at 27,847.66, S&P 500 rose 2.2% to end at 3,443.44, while tech-heavy Nasdaq Composite climbed 3.9% to 11,590.78.

The results of the presidential elections remain unclear even at the end of Wednesday as Democratic candidate Joe Biden picked up a win in Wisconsin while still fighting President Donald Trump in other battleground states. Neither of the candidates has secured the 270 Electoral College votes needed to determine who wins the White House. Biden is edging closer to winning securing 264 votes so far, while Trump has 213 votes.

Meanwhile, Trump's campaign and the Georgia Republican Party filed a lawsuit on Wednesday over the counting of absentee ballots in a Georgia county.

Traders may also be looking past the presidential race and instead concentrating on the battle for the Senate, where odds were increasing Republicans would keep control.

It is likely that the markets have reacted positively now that election uncertainty has passed with Biden close to 270. Markets do not like uncertainty in gepolitical events.

Traders may also be looking past the presidential race and instead concentrating on the battle for the Senate, where odds were increasing Republicans would keep control.

However, this also exposes markets to volatility throughout the week on account of delay in counting.