There were hopes that the winner of the US election would soon be determined with Joe Biden on the brink of claiming the presidency. Investors bought technology and healthcare firms on bets that a divided US Congress would mean no major tax hikes or regulatory changes that would derail the sectors. Shares of Facebook, Amazon, Netflix, Microsoft, and Apple were all up at least 2.5%.
Qualcomm shares surged 12.8% after the chipmaker forecast fiscal first-quarter revenue above estimates. General Motors shares gained 5.4% on strong earnings. At the close of trade, the Dow Jones index rose by 542 points or 2%. The S&P500 index was up 2% and the Nasdaq index climbed 300 points or 2.6%.
