The U.S. stock market is open today, Tuesday, November 5, 2024, despite being Election Day. While this day is not a federal holiday and the markets remain operational, some states, including New York, Maryland, Hawaii, Illinois, and West Virginia, have declared it a public holiday for state employees to facilitate voting.
Today’s election sees Democratic candidate Kamala Harris and Republican candidate Donald Trump in a close race, with key swing states—such as Arizona, Michigan, Pennsylvania, Georgia, Nevada, North Carolina, and Wisconsin—likely to determine the outcome. Harris’s platform emphasizes maintaining current policies, with plans to raise corporate and high-income taxes, support NATO, and continue U.S. involvement in the Ukraine-Russia conflict. Her approach centers on strengthening support for middle- and lower-income Americans. Trump, on the other hand, proposes a different direction: cutting corporate taxes, implementing higher tariffs on imports (notably from China), and incentivizing domestic manufacturing. He has also indicated a potential withdrawal from U.S. involvement in the Ukraine-Russia conflict.
Both candidates’ economic policies have the potential to influence markets significantly. Analysts expect Harris’s approach could maintain current economic policies, while Trump’s agenda could lead to higher interest rates, a stronger U.S. dollar, and potentially slower global growth due to higher tariffs.
In the lead-up to Election Day, Wall Street showed caution, with major indices experiencing slight declines on November 4. The Dow Jones Industrial Average closed at 41,794.60, down by 257.59 points (0.61%). The S&P 500 dropped by 16.11 points (0.28%) to 5,712.69, and the Nasdaq fell by 59.93 points (0.33%) to 18,179.98. With the outcome still uncertain and pivotal states in play, market analysts anticipate potential volatility as election results unfold.
Disclaimer:
The information provided here is for general informational purposes only and does not constitute financial, investment, or legal advice. While efforts are made to ensure accuracy, market conditions can change rapidly, especially during events like national elections, which may lead to heightened volatility and risk. Past performance is not indicative of future results. Readers should conduct their own research or consult with a qualified financial advisor before making any investment decisions. Neither the author nor the publisher assumes any liability for any financial loss or damage arising from reliance on this information.
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