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Wall Street trades with increases of 2% in the US electoral 'super Tuesday'

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Wall street registers increases of 2% after closing this in green Monday, thus offsetting the falls experienced last week among the main US stock exchanges.

Donald trump Y Joe biden they fight a victory marked by the pandemic. The latest polls give the Democratic candidate a 10-point lead, which is nevertheless reduced to 5-6 points in 12 key states.

"While under normal circumstances we would have a first reading on Wednesday morning, We do not rule out that the recount could take several days or even weeks, taking into account the large number of voters by mail", they affirm from Renta 4.

So far, some 98 million people They have already voted early and an estimated 160 million Americans vote, up from 138 million in 2016.

"Unless there is a clear victory for either candidate, it could even be the Supreme court who had to decide the winner, in a process that would take time and, without a doubt, would bring great volatility and uncertainty to the markets"these analysts add.

Trump has already warned that could challenge the electoral result in case of observing fraud in the vote by mail (specifically in the states of Pennsylvania and Nevada). "The main risk is therefore that of no recognition of the winner and temporary paralysis of the administration ", they argue.

During the 2000 election, when the vote count was contested in Florida and the winner was not known until mid-December, the S&P lost 11%. "The fact that in the 2020 elections the controversy may affect a greater number of states could prolong uncertainty over time and penalize stock markets"conclude these experts.

TECHNICAL ANALYSIS AND OTHER MARKETS

At a technical level, Nasdaq falls 10% from the annual and historical highs in September. "Right now it feels like the index is shaping some kind of flat correction, it may just be a corrective ‘abc’ that serves to correct / proportionally adjust the important previous rises, "he says. Jose Maria Rodriguez, an analyst at Bolsamanía.

"As a support area we have the September lows (10,677) and below the area of ​​10,440 points, the base of a potential side channel with a certain negative slope ", adds this expert.

In other markets, oil West texas falls 2.8% to $ 37.84, while the euro it appreciates 0.5% and changes to $ 1.1702. Besides, the ounce of gold it advanced 0.3% to $ 1,898. Finally, the profitability of the 10-year American bond it stands at 0.87%.

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