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US Markets Surging Despite Uncertainty About Who Will Be the Next US President

Benchmark indexes are climbing in Wednesday morning trading following a night of erratic headlines and even as uncertainty remains regarding who will become the next president of the United States.

As of 10 a.m. ET, the Dow Jones Industrial Average climbed 427 points to 27,907; the S&P 500 gained 67 points to 3,435; and the Nasdaq Composite was up 352 points to 11,513. (As of 1 p.m. ET, benchmark indexes remain sharply up: The Dow is surging 693 points to 28,172; the S&P 500 is in the green 102 points to 3,471; and the Nasdaq is up 448 points to 11,608.)

While investors are characteristically skittish about uncertainty — which has become the theme of the past 24 hours — many Americans went into Tuesday’s Election Day aware that results could take several days to be finalized.

At press time, former Vice President Joe Biden had 227 electoral votes and President Donald Trump had 213 such votes, per the Associated Press. To be declared the winner of the election, a candidate must secure 270 electoral votes. As it stands, final results have not come for Michigan, Wisconsin and Pennsylvania, Georgia, Michigan, Nevada and Wisconsin.

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Michigan and Wisconsin’s ultimate tally may not come in until later today and Pennsylvania’s results could take until Friday to be determined.

Adding to the uncertainty, President Trump prematurely declared victory overnight, tweeting: “I will be making a statement tonight. A big WIN!”

He later wrote via the social media platform: “We are up BIG, but they are trying to STEAL the Election. We will never let them do it. Votes cannot be cast after the Polls are closed!”

Just moments ago, the President took to Twitter again, writing: “Last night I was leading, often solidly, in many key States, in almost all instances Democrat run & controlled. Then, one by one, they started to magically disappear as surprise ballot dumps were counted. VERY STRANGE, and the “pollsters” got it completely & historically wrong!”

Speaking to FN this week, leaders of shoe industry trade groups  the American Apparel and Footwear Association and the Footwear Distributors & Retailers of America said they were — like much of the country — fixated on the election results, hoping that the next U.S. leader could steer the country toward a cure for COVID-19 as well as the passage of an economy-boosting stimulus package. Both FDRA president and CEO Matt Priest and AAFA president and CEO Steve Lamar noted that they’re hoping to see the next commander-in-chief work to eradicate tariffs and ease trade tensions with China.

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