Stock Prices and Bitcoin Rise as Election Results Uncertain

Investors are on the edge of their seats as the U. S. presidential election results keep them guessing. With vote counting still ongoing, stock prices around the world saw a boost. The S&P 500 was up by 1. 2%, with a similar rise for the Dow Jones Industrial Average. Bitcoin also joined the party, spiking up to $75, 120. 00, a 7. 3% increase. Bond yields were high too, with the 10-year Treasury yield hitting 4. 46%. The Asian markets had a mixed day. The Nikkei 225 index in Japan shot up by 2. 3%, while the Kospi in South Korea dipped by 0. 2%. Australia’s S&P/ASX 200 rose slightly by 0. 9%. However, Hong Kong’s Hang Seng index tanked by 2. 7%, ending its three-day winning streak as investors sought safer assets due to election uncertainties. The Hang Seng Tech Index dropped by 3. 3%, but the Shanghai Composite index inched up by 0. 1%. Experts like Anderson Alves of ActivTrades expect a win for Vice President Kamala Harris to boost Asian assets. In contrast, a win for former President Donald Trump could dampen the market. China’s markets were especially active this week with the Standing Committee of the National People's Congress meeting, which might lead to measures to boost economic growth and tackle local government debt. Meanwhile, in the U. S. , stocks rose on election day as economic data showed continued health. The S&P 500 climbed to 5, 782. 76, the Dow to 42, 221. 88, and the Nasdaq to 18, 439. 17. Global markets are watching the election closely, as it could affect U. S. economic and trade policies, and potentially cause a split in Congress, complicating policymaking. Since President Joe Biden took office in 2020, the S&P 500 has surged nearly 70%. This was partly due to the U. S. economy bouncing back from the COVID-19 pandemic. The Federal Reserve is expected to lower interest rates this week, which could further impact the markets. Early trading on Wednesday saw the U. S. benchmark crude oil price drop to $71. 34 per barrel. Brent crude also fell to $74. 82 per barrel. The U. S. dollar strengthened against the Japanese yen, jumping to 154. 25 from 151. 62, while the euro slipped to $1. 0733 from $1. 0931.