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Wall Street rallies on bets for divided U.S. Congress, Fed holds steady Chuck Mikolajczak NEW YORK (Reuters) - U.S. stocks jumped on Thursda Empty Wall Street rallies on bets for divided U.S. Congress, Fed holds steady Chuck Mikolajczak NEW YORK (Reuters) - U.S. stocks jumped on Thursda

في الجمعة 6 نوفمبر 2020 - 1:01
Wall Street rallies on bets for divided U.S. Congress, Fed holds steady
Chuck Mikolajczak

NEW YORK (Reuters) - U.S. stocks jumped on Thursday, as investors bet Republicans would retain control of the Senate and block any major policy changes under a possible Joe Biden White House that could dampen corporate profits. 




A U.S flag is seen on the New York Stock Exchange in the Manhattan borough of New York City, two days after the 2020 U.S. presidential election, New York, U.S., November 5, 2020. REUTERS/Carlo Allegri
With votes still being counted in battleground states, investors were abandoning cautious pre-election positioning, driving all of Wall Street’s main indexes up for a fourth straight session. 
While a fiscal stimulus package is widely expected, the size of any deal reached in a divided Congress is likely to be much smaller than anticipated. This in turn could pressure the U.S. Federal Reserve to pump more funds into the financial system, supporting equity prices. 
Stocks got a brief additional boost from the Fed’s statement on Thursday. The central bank kept its loose monetary policy intact and again pledged to do whatever it can to sustain an economy severely damaged by the coronavirus pandemic. In the post-statement press conference, Chair Powell said the Fed would not consider directly funding fiscal activities. 
Biden was edging closer to victory after winning Michigan and Wisconsin, but his Democratic party appeared unlikely to win the Senate. This eased investor worries about tighter regulations on Big Tech and a corporate tax hike. 
“They stayed with what the market had expected. I think there’s concern about the economy and the trajectory of the economy. But basically, I don’t think they surprised the market; they maintained their accommodative stance and maintained that fiscal stimulus is needed,” said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.
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