Wall Street has risen in afternoon trading as voting gets underway, while oil prices have been pushed higher by weather concerns and expectations of a cut in supply next year, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
US stocks rise as voting begins
“US markets aren’t showing many signs of nervousness as voting gets underway. While the political tension in the US has been ratcheted up to a high level, the market has remained calm, showing some of the usual pre-election weakness but otherwise holding steady. A clear winner within the next day would be the ideal outcome here, while a long, drawn-out legal challenge is likely to keep bullish sentiment in check.”
Oil prices rise further
“The prospect of supply disruptions in the US due to weather and poor earnings from Aramco have combined to drive oil higher for another day. Aramco’s results signal further pressures ahead for Saudi Arabia’s oil giant, and questions will now be asked about its dividend, which is rapidly consuming the firm’s cash pile. A production cut to juice oil prices would do much to bolster cash flow.”
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