US stocks climbed up again on Thursday as Democratic candidate Joe Biden leads in the polls against Donald Trump. The Dow Jones jumped by 1.7 percent while the S&P 500 rose by 2 percent.
The UK’s FTSE 100 increased by 0.5 percent on Thursday to 5,911 points, approximately a two-week high for the exchange.
Edward Moya told City AM: “US stocks continue to ride the unwinding of ‘blue wave’ bets, sending big-tech and healthcare stocks sharply higher.
“It seems Congress will be divided.”
He added: “Wall Street does not have to plan for corporate tax hikes, single-payer healthcare, sweeping clean energy initiatives, and massive infrastructure spending.”
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5.00pm update: FTSE-100 closes up
The FTSE-100 index at the close was up 3.84 at 5910.02.
The FTSE Mid-250 index closed down 10.70 at 17917.83.
4.30pm update: Wall Street dips as Biden edges closer to victory
Wall Street’s main indexes gave back some of this week’s sharp gains on Friday as investors awaited the outcome of the US election.
Democrat Joe Biden took the lead over President Donald Trump in the battleground states of Pennsylvania and Georgia, putting him on the verge of winning the crunch vote.
“Markets have been pretty comfortable with that idea (of a Biden win), but if it’s contested, it adds a little bit of uncertainty,” said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.
2.45pm update: FTSE still up
The FTSE-100 index at 2:45pm was up 33.76 at 5939.94.
12.45pm update: FTSE-100 down
The FTSE-100 index at 12:45pm was down 16.54 at 5889.64.
11.30am update: FTSE-100 falls on virus concerns and Brexit uncertainty
London’s FTSE-100 fell on Friday after a four-day rally as concerns grew over surging coronavirus cases and Brexit-related uncertainty.
Having risen almost 0.5 percent in early trading, the blue-chip FTSE-100 index was down 0.8 percent as pharmaceutical, retailer and industrial stocks declined.
Uncertainty also remains over the US election.
“Today it’s just awareness that the election still isn’t over especially with Trump’s speech last night,” said Connor Campbell, a London-based analyst for Spreadex.
10.00am update: Currency latest
The pound at 10am was 1.3140 dollars compared to 1.3121 dollars at the previous close.
The euro at 10am was 0.9021 pounds compared to 0.9002 pounds at the previous close.
9.00am update: Scottish row over furlough erupts
The Scottish Secretary has denied furlough was only extended because of the second national lockdown in England.
Alister Jack reiterated furlough is intended for the whole country, despite a backlash from politicians in Scotland and Wales who had previously been denied requests for an extension in the weeks and months before it had initially been planned to close on October 31.
8:06am update: The FTSE-100 opened unchanged
The FTSE-100 index opened at 5906.18.