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Added on the 13/10/2020 16:07:47 - Copyright : Wochit
Stocks opened lower on Friday as investors wait for a presidential election winner to be declared. Wall Street bounced back from earlier lows after the jobs report showed the economy continues to recover. The Dow fell nearly 150 points, or 0.5%, in early trading. The S&P 500 and Nasdaq were down 0.5% and 0.9%. The Dow and S&P 500 posted gains of about 7% this week. According to CNN, the Nasdaq rallied 9% in the past five days.
A Credit Suisse analyst says that if Joe Biden wins the US presidential election in November, it could spur a 'knee-jerk' pullback in the stock market of 5%. According to Markets Insider, senior investment strategist Suresh Tantia said that was due to the Democratic nominee's stance on corporate taxes. However, Tantia said investors should look at such a pullback as a buying opportunity, as Fed support will keep driving markets after the election. The central-bank support is not going anywhere. The Fed is going to keep rates lower for longer, similar to other central banks. Suresh Tantia, Senior Investment Strategist Credit Suisse Tantia's tip for traders? Investors should seek out equities in Asian markets, as they are cheaper than US stocks and have strong earnings.
The S&P 500 posted its largest daily drop since September, as concerns over the health of the Chinese economy and a relentless slide in oil prices rattled investors. Rough Cut (no reporter narration).
US Secretary of State Antony Blinken says that the country's ambassador in Moscow, Lynne Tracy, was able to visit Wall Street Journal reporter Evan Gershkovich in prison. "I can report based on what Ambassador Tracy has said that he's in good health and good spirits, considering the circumstances. We continue to call for his immediate release from this unjust detention," Blinken told reporters in Japan after G7 talks. SOUNDBITE
New York, Oct 15 (EFE / EPA) .- (CAMERA: Justin Lane) Wall Street opened Friday in green and the Dow Jones of Industrialists, its main indicator, rose 0.83% encouraged by the quarterly reports from large US banks.