After falling to its lowest level since September on Friday, the S&P 500 rallied to start the week, as investor confidence rose ahead of tomorrow’s U.S. election.
The rally was also assisted by the news that manufacturing activity in the United States accelerated more than expected last month. As a result, the benchmark index bounced from its recent support level of 3,254.
Ahead of Tuesday’s election it is being reported that nearly 100 million Americans have already placed their votes, with polling still suggesting that Democratic candidate Joe Biden has a lead.
Many however believe that the race to the White House will be a tight contest, with the uncertainty expected to creep into markets. As of writing the S&P 500 was up 0.64%, Dow Jones climbed 1.40%, whilst the NASDAQ was down by just 0.24% after giving up gains from the morning session.
FTSE climbs despite pending UK lockdown
Over the weekend UK Prime Minister Boris Johnson announced that the country would be following the likes of France and Germany in imposing a national lockdown.
Despite the news, the UK’s FTSE 100 rallied on Monday as investors ignored the pending restrictions. The index gained close to 1.39%, with lockdowns set to commence as of Thursday.
Boris Johnson, who has faced backlash for backtracking on previous commitments not to take the nation into a second lockdown was asked to defend his new position
Today in parliament he stated, “We are fighting a disease… When the data changes of course we must change course too”.
Bitcoin reaches one year high
Bitcoin rallied to its highest level since June 2019, as traders of the Cryptocurrency flocked to “digital gold” as we near the U.S. election.
This move comes after Bitcoin managed to close the month of October at $13,801, which was its second highest monthly close in history.
Many traders have already started to take profit at this level; however, some believe that the digital currency could be set for further peaks depending on the outcome of tomorrow’s vote.
As of writing, BTCUSD trades at $13,515.
Quote of the day – “It’s not whether you’re right or wrong that’s important, it’s how much money you make when you’re right and how much you lose when you’re wrong.”George Soros
TradeGateHub.com – #TradeWithCoach USA Politics Update for Nov. 2nd
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Senior Market Analyst