Nov. 4 (UPI) — U.S. stocks climbed sharply in morning trading on the New York Stock Exchange on Wednesday, as votes continued to be counted in the presidential election.
The Dow Jones Industrial Average improved more than 550 points after the opening bell. The Nasdaq Composite rose 400 points or more than 3.8%. The S&P 500 also sharply rose more than 2.7% for nearly 100 points.
The election remained too close to call in many states, with neither GOP President Donald Trump nor his Democratic challenger, former Vice President Joe Biden, garnering enough electoral votes for a victory by Wednesday morning.
Trading in Japan, Britain and Germany were all on the plus side Wednesday.
“The big news for the markets right now, at least as it looks preliminary, is that there’s not going to be a blue wave, which is generally supportive for markets,” Mike Lewis, managing director of U.S. equity cash trading at Barclays, said. “The outlook going forward for markets is this is going to be more about policy and the Fed than it’s going to be about politics, which is a good thing for markets.”
The Federal Reserve began its two-day policy meeting on Wednesday.