U.S. Equity markets surged again, finishing the day higher led by the Dow which closed +2.05% while the S&P finished 1.78% higher. Markets rose as the focus shifted to the 2020 presidential election. Democratic nominee Joe Biden continues to maintain his lead in national polls over President Donald Trump, spurring hopes for a blue wave and a large Stimulus package approval after the election. By the time you read my Daily Commentary you will know who won the election. In terms of Economic Data, Factory Orders beat estimates, driven by demand for computers and other electronic products. This is another good sign for the economic recovery. On the COVID-19 front, Massachusetts introduced new restrictions in an attempt to halt the spread of the virus. Meanwhile, European Indices also closed higher. National governments are adopting mass Coronavirus testing in an effort to isolate and contain the resurgence in infections. The Italian government was said to be readying another $1.76 billion in funding for businesses as it prepared to introduce new regional lockdown measures. Russia’s Oil Minister Alexander Novak met with local companies to discuss the delay of production increases planned for January. Elsewhere, Oil closed 2.74% higher as Crude rose with risk assets, while the Dollar closed 0.5% weaker. Just as I head to bed, Trump has won Florida and is on course to be re-elected. The S&P is trading 60 Handles higher on this news while the Dollar is stronger.
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