Markets were pleased in terms of U.S. policy to see Donald Trump taking another step towards acknowledging his defeat in the November 3 presidential election to Joe Biden.
In the short session on Friday, after remaining closed for Thanksgiving on Thursday, Wall Street took an upward momentum on the day. The larger S&P 500 index gained 0.24% to 3,638 points; the technology rich Nasdaq composite index gained 0.92% to 12,205 points, whereas Dow Jones rose 0.13% to 29,910 points on Friday.
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On Thursday, Donald Trump said he would leave the White House if the Electoral College votes in favor of U.S. Democratic President-elect Joe Biden. During the traditional speech to members of the U.S. armed forces on Thanksgiving, Donald Trump admitted saying “Of course I will… Of course I will. And you know that.”
But the vote of the Electoral College in favor of Joe Biden is no wonder on December 14 as the president-elect won 306 of the college’s primary voters, opposed to 232 votes for Donald Trump.
While these statements recognize his defeat, the outgoing president has repeated his claims of fraud, which have remained unseeded so far. Donald Trump insisted, “This election was rigged,” again without presenting any evidence of alleged irregularities.
For the vaccine, Donald Trump is still in believes that its distribution will likely to be start in the next week. However, increasingly worsening Covid crisis during its second wave are still the issue most concerned in the United States, especially when the hospitalizations in the country are reaching 90,000.
But on the trade front, Bloomberg reported that France and Germany are attempting to normalize trade ties between Washington and Brussels through informal contacts with President-elect Joe Biden’s team. The concerns are varied and may include the air sector or steel and aluminum tariffs, as well as the world-renowned digital firms. It was also possible to address the restructuring of the World Trade Organization.