Photo taken on Nov. 4, 2020 shows the New York Stock Exchange in New York, the United States. Wall Street's major averages climbed on Wednesday as investors await the outcome of the U.S. election. The Dow Jones Industrial Average rose 367.63 points, or 1.34 percent, to finish at 27,847.66. The S&P 500 was up 74.28 points, or 2.20 percent, to 3,443.44. The Nasdaq Composite Index increased 430.21 points, or 3.85 percent, to 11,590.78. (Xinhua/Wang Ying)
NEW YORK, Nov. 4 (Xinhua) -- Wall Street's major averages climbed on Wednesday as investors await the outcome of the U.S. election.
The Dow Jones Industrial Average rose 367.63 points, or 1.34 percent, to finish at 27,847.66. The S&P 500 was up 74.28 points, or 2.20 percent, to 3,443.44. The Nasdaq Composite Index increased 430.21 points, or 3.85 percent, to 11,590.78.
Seven of the 11 primary S&P 500 sectors closed higher, with health care and communication services both up more than 4 percent, leading the gainers. Materials slipped 1.65 percent, the worst-performing group.
U.S.-listed Chinese companies traded higher, with all the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.
The moves came despite uncertainty about the U.S. presidential election.
Market participants seemed concentrating on the battle for the Senate, where Republicans have fended off challenges in a number of key races, according to experts.
"My sense is traders and investors are increasingly comfortable Republicans will hold the Senate and Democrats will hold the House," Chris Low, chief economist at FHN Financial, said in a note Wednesday.
"From a markets standpoint, that means whoever emerges with White House control, Trump or Biden, will not be able to do much," as "disruptive changes in taxes and spending are unlikely," he added.
