Market Update: November 6, 2020

The major stock markets in Canada and the US have have surged upward in the early days of November, shrugging off pre-election jitters, following a weak previous month, leading into the US Election. The TSX is up 4% in the past five days while the S&P 500 and Nasdaq are both up more than 6% as of November 5th.

US election still undecided

This bullishness following the US Election, even though the final outcome could be days or weeks away, is likely related to the fact that the US House of Representatives and the Senate look as though they remain tightly contested and no one party will have a significant majority in either. This means Congress will be less likely to enact any extreme measures in either platform. So, more of the same going forward. The markets tend to like certainty.

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