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Global Stocks Surge, Dollar Slumps As Americans Head to Polls

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Key Points

  • Global stock markets surged and the dollar weakened Tuesday as Americans cast their ballots in the US presidential election where Democratic challenger Joe Biden aims to unseat Republican President Donald Trump.
  • Asian, European, and US equities rallied as traders put their bets on a Democratic sweep of both the presidency and the Republican-held Senate that likely would mean Congress would approve a new spending bill early next year, if not sooner.
  • The dollar slid against other major currencies, reflecting traders’ expectations of more stimulus money that would weaken the value of the greenback.
  • Visit The Financial Today’s homepage for more stories.

NEW YORK — Global stock markets surged and the dollar weakened Tuesday as Americans cast their ballots in the US presidential election where Democratic challenger Joe Biden aims to unseat Republican President Donald Trump.

Voters will be weighing in on Trump’s four years in office, where the real estate mogul presided over an expanding economy with record low unemployment that ended suddenly with the world’s largest coronavirus outbreak beginning in March.

Traders are looking at the contest largely through the prism of the election’s impact on the US response to the pandemic, particularly the possibility that a political rebalancing could get Congress and the White House to agree on a new economic stimulus package.

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