The first trading day after the announcement that Democratic presidential nominee Joe Biden changed his salutation to President-elect Joe Biden looks to enjoy a significant increase as Dow futures and S&P 500 futures are running at a 1.5% gain ten hours before the markets open.
According to CNBC, in Japan, the Nikkei 225 jumped 2.04% while the Topix index added 1.42%. South Korea’s Kospi also rose 1.44%. In China, the Shanghai composite up 1.1% and the Shenzhen component gained 1.473%. Hong Kong’s Hang Seng index advanced 1.34%.
Investors are upbeat that the election has been settled, with Joe Biden poised to be the 46th President of the United States, and they feel more certain in the stability of a President Biden versus the Trump habit of debuting policy via tweet.
“Biden is good news for the markets,” Christopher Stanton, chief investment officer at Sunrise Capital Partners, said on Saturday according to Reuters. “We’re all so tired of the whipsaw that came with the Trump tweets.”