US stocks extend post-election rally, Dow +2.0%

NEW YORK: Wall Street stocks rose for a fourth straight session Thursday on continued positive momentum after the US election despite no closure yet to the presidential contest.

The Dow Jones Industrial Average rose 2.0 percent to 28,390.18, up around 540 points.

The broad-based S&P 500 also gained 2.0 percent to 3,510.45, while the tech-rich Nasdaq Composite Index jumped 2.6 percent to 11,890.93.

Analysts have said the rally reflects enthusiasm at the apparent outcome of the election, which may leave Washington politically divided and pose a barrier to sweeping policy changes that could upset investors, such as tax increases.

Briefing.com pointed to the continued gains as evidence of a "fear of missing out" in the wake of a seemingly sky-bound market.

The gains also come after major US indices last week suffered their worst week since March.

There were no major developments in the US presidential contest, with five states still undeclared amid the counting of mail-in and absentee votes.

Following a two-day meeting, the Federal Reserve restated its pledge to use all its tools to help the US economy recover from the coronavirus pandemic, but did not announce any new measures.

Meanwhile, economic data released Thursday showed new applications for unemployment benefits last week held essentially steady at 751,000, rather than declining as expected.

The data was released one day after the United States reported more than 99,000 new coronavirus cases, worsening what is already the world's largest outbreak.