On the morning of Nov. 3—Election Day in the United States, economic indicators skyrocketed, giving very positive signals for a rising economy.
The Dow Jones Industrial Average rose more than 600 points, equivalent to a 2 percent gain, and the S&P 500 rose 2.2 percent.
The NASDAQ high-tech compound rose by 2 percent, Fox News reported on Nov. 3.
Likewise, West Texas Intermediate crude was up for the second consecutive day. It rose by 3.6 percent to more than 37 dollars per barrel.
The S&P 500 indicator integrates 11 economic sectors that include communication services, consumer commodities, energy, finance, health care, information technology, and real estate, among others.
While these promising results could be claimed by either the Republican or the Democratic campaigns as something in their favor, author Scott Adams sent a tweet that clarifies the situation.
“If stocks rise today, it will not be because the smartest investors on Wall Street expect their taxes to increase,” wrote @ScottAdamsSays.
If stocks are up today, it won’t be because the smartest investors on Wall Street expect their taxes to increase.
— Scott Adams (@ScottAdamsSays) November 3, 2020
Scott is alluding to the fact that the financial markets could be optimistic about President Trump’s possible re-election, since he lowered taxes substantially during his term.
On the contrary, Joe Biden, the Democratic presidential candidate, insisted that he will raise taxes on a large scale.
Reuters notes that the S&P 500 rose 55 percent since President Trump took office four years ago. “Despite a drop driven by the coronavirus (Chinese Communist Party Virus) earlier this year, the S&P 500 has risen about 55 percent since Trump scored a surprise victory in 2016, as lower tax rates under his administration increased corporate profits,” according to Reuters.
An attendee at the Trump rally in Grand Rapids, Michigan, relates his experience from an unusual angle.
“I had the immense privilege of attending the last rally of President Trump’s campaign in Grand Rapids, Michigan last night [Nov. 2].
“I saw thousands of people standing in temperatures below 40 degrees with winds of 15 to 20 mph for more than 12 hours to be part of this event,” wrote user @ConsultantCare.
He added, “The energy, enthusiasm, and determination are real. “There were more people at this ‘Grand Rapids Election Eve’ event in 2020 than at the same event in 2016, and several people I spoke to in the crowd said they were first-time voters of Trump.'”
He concluded, “I think Michigan is turning red again.”