Dow, S&P 500 notch best return in nearly 5 months on Election Day

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U.S. stock benchmarks finished with their best gains since early June on Election Day, with investors appearing to bet that the political contest between former Vice President Joe Biden and President Donald Trump will likely lead to an outcome that is felicitous for markets–at least in the short term. The Dow Jones Industrial Average closed the session up 2.1%, the S&P 500 ended 1.8% higher, while the Nasdaq Composite Index finished the day 1.9% higher. The equity benchmarks notched their best Election Day returns since 2008 and the S&P 500 and Dow scored their best daily returns since June 5, according to FactSet and Dow Jones Market Data. Many market participants are betting on a Biden victory and a Democratic majority being achieved in the Senate, which has been referred to as a blue wave. Such an outcome is viewed as supportive to markets that have been pining for further fiscal relief to help businesses and the economy fully rebound from the deadly pandemic.
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