Joe Biden won the presidential election in his birth state of Pennsylvania this Saturday and he become 46th president of the United States. He has 290 electoral votes which is more than enough to capture the White House and to deny President Trump a second term.
Donald Trump said there is evidence of fraud in several of the deciding states that will be presented to the courts but this will not change anything according to political analysts. The US stock indices had their best weekly percentage gains since the week that ended April 10.
For the week, the Dow Jones advanced 6.9%, the S&P 500 7.3% and the Nasdaq 9% which is its fifth straight session of gains. The US reported the October employment situation on Friday, the country added 638K new jobs which is slightly better than anticipated.
The unemployment rate fell to 6.9% from 7.9 as the labor force participation rate advanced to 61.7% from 61.4%. The US stock market is also supported by upbeat over the prospect of a divided Congress and less risk of major policy changes.
On the other side, concerns about sluggish economic growth amid the ongoing pandemic continue to dominate the financial markets. The US reported over 100K new cases in one day and the pandemic pushed U.S. hospitals to the brink of capacity.
S&P 500 up 7.3% on a weekly basis
For the week, S&P 500 (SPX) booked a 7.3% increase and closed at 3,509 points.
On this chart, I marked important resistance and support levels. The important support levels are 3,400 and 3,200 points, 3,600 and 3,700 points represent the resistance levels. If the price
