US presidential elections are yet to announce a winner on Wednesday.
No outcome
When the counting of postal votes was delayed in a few of the swing states, such as Pennsylvania, Michigan, Wisconsin, and North Carolina, the final results seem to be left for the next hours or days.
Even if President Donald Trump falsely claimed victory and made groundless allegations of election fraud, no election monitoring — research institution, university, and media organization has been able to announce the result with certainty.
President Trump and his Democratic rival Joe Biden both remain likely to reach the 270 delegates required to win the White House as states continue to count more postal votes more popular during the coronavirus outbreak.
But Biden’s dominance in Wisconsin, Nevada, and Michigan complicate Trump’s job, who won Florida and is ahead in Pennsylvania.
Shortly after Biden said he was confident that he would win the race while the votes were being counted, Trump nearly declared victory at the White House and said his lawyers would take the election to the US Supreme Court, without specifying what to do.
“We were preparing to win this election. Obviously, we won this election,” Trump said, urging all voting to stop and accusing the Democrats of fraud without providing any documents or evidence.
The vote ended as scheduled on Tuesday night, but many states routinely take days to finish the ballot box count. Due to the coronavirus outbreak, a large number of people voted by mail, which led to the count taking longer than usual.
Wall Street
Wall Street’s main indices opened up in the middle of the race for the White House on Wednesday, although investors were concerned about the possibility of a controversial outcome.
The Dow Jones Industrial Average rose 32.80 points or 0.12% at the opening to 27,512.83.
The S&P 500 rose 37.30 points or 1.11% to open at 3,406.46, while the Nasdaq Composite gained 283.20 points or 2.54% to 11,443.78.
Dollar performance
The shockingly tight US election contest caused the dollar to fluctuate in the cash markets on Wednesday. However, the derivatives market fear indicators showed that the currency volatility had dropped from several years’ highs.
Unlike when the coronavirus crisis triggered turmoil in the markets in the spring, market responses are relatively under control.
Overnight indicators for the euro-dollar rose to their highest levels in more than three years on Tuesday, with similar but less dramatic movements seen in the yen and pound indicators.
ADP report
The US private payrolls employment figure rose less than expected in October, providing an early sign of a slowdown in economic activity. One of the main reasons for this seems to be the failure of Congress on financial incentives with the White House and the increase in new COVID-19 infections across the country.
Private-sector payrolls rose by 365,000 last month, the ADP National Employment Report showed on Wednesday. September data has been revised to show that 753,000 jobs were added instead of 749,000 jobs originally reported.
This report comes before the government’s comprehensive monthly employment report, which will be released Friday.
