Dow’s over 500-point surge early Wednesday helps drive blue-chip index above 50-day moving average in Election Day aftermath

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The Dow Jones Industrial Average joined the S&P 500 and the Nasdaq Composite to trade above its short-term trading average as the closely watched election between President Donald Trump and former Vice President Joe Biden was still in question, though tilting toward a possible victory for the Democratic challenger. The Dow was up 500 points, or 1.8%, at 27,981, with its 50-day moving average at 27,890.34, driving above its 50-day moving average for the first time since late October. Shares of technology and health-care were outperforming on hopes that a Biden win would remove the uncertainty of a contested election. The results, as they stand, also indicate that a Biden presidency might not have a sufficient mandate to enact tougher regulations or push for deeper coronavirus relief measures. The S&P 500 index was trading up nearly 3% at 3,469, the Nasdaq Composite Index was advancing 4.1%. Both benchmarks were well above their 50-day moving averages, which market technicians look at to determine short-term momentum in an asset.
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