FULL SHOW 11/04/2020: Waiting for election results
New York (CNN Business)US stock futures dipped during after-hours trading Thursday, after ending the day in the green.
Dow (INDU)futures fell 112 points, or 0.4%. S&P 500 (SPX) futures were down nearly 0.4% and Nasdaq (COMP) futures fell 0.2%.
The slight decline came as President Donald Trump publicly addressed the nation and the close race for the White House. During his address, Trump entrenched in false claims that a count of legally cast ballots would show him winning the presidential election, using the White House briefing room to espouse claims that he is being deprived of the presidency by fraud.
Vote counts continue to roll in from six states that CNN has yet to call, and Trump’s lead has narrowed in the key states of Pennsylvania and Georgia.
Stocks climbed during regular trading on Thursday — and all three indexes are now on track for their best week since April. The S&P 500 is on track for its best election week performance since 1932. The Dow closed Thursday up 543 points, or 2%, while the S&P 500 climbed 1.9%. The Nasdaq Composite ended 2.6% higher.
Even though a delayed US election result was deemed the “nightmare scenario” before the vote, stocks have rallied every day this week. Investors are hoping Joe Biden will take the White House while Republicans will keep the Senate, and that such a combination will lead to more moderate policies including a quick stimulus deal but limited tax increases.
Meanwhile, another 751,000 Americans claimed first-time jobless benefits last week, the Labor Department reported Thursday. That’s down slightly from the prior week, though it was a less encouraging report than economists had expected.
Coming Friday, the US Department of Labor is set to release the US jobs report for October.
— CNN’s Anneken Tappe, Matt Egan and Kevin Liptak contributed to this report.
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