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ASX up 0.82% on Friday as Biden inches closer to victory

Jessica Yun
·3-min read
ASX is making gains amid what is increasingly likely to be a Biden win for the White House. (Source: Getty)
ASX is making gains amid what is increasingly likely to be a Biden win for the White House. (Source: Getty)

The Australian stock market has finished the week on a high note as investors waited for an outcome from the US Election.

The benchmark ASX200 was up 50.6 points, or 0.82 per cent to 6,190.2 points at the close of trading today, while the broader All Ordinaries finished up the day 51 points, or 0.8 per cent higher to 6,395 points.

The best performing stocks today were Tabcorp, up 15.8 per cent; News Corp, up 13.7 per cent; and Treasury Wine, up 9.9 per cent.

What happened at lunchtime?

The Australian stock market has maintained its positive start to the day, with the benchmark ASX200 up 50.8 points or 0.83 per cent to 6,190.4 points at 12:56pm AEDT.

The gains are mirrored by the broader All Ordinaries, which is up 53.5 points or 0.84 per cent to 6,397.5 points.

The gains were being driven by a 16.38 per cent surge in Tabcorp stocks, as well as a 14 per cent rise in News Corp shares after it reported a $64.5 million rise in profit in the latest quarter.

What happened this morning?

The Australian stock market has jumped at the open this morning following a strong Wall Street rally overnight.

The benchmark ASX200 rose 56.3 points or 0.89 per cent to 6,195.9 points at 10:30am AEDT, while the broader All Ordinaries similarly rose 58 points or 0.91 per cent to 6,402 points.

Joe Biden remains one state away from officially winning the US Election. Meanwhile, Donald Trump is becoming “increasingly unhinged and wild”.

"I have to believe if I'm a White House adviser, one of the reasons that I'm not encouraging President Trump to go out there is because the message from him is increasingly unhinged and wild,” said CNN chief Washington correspondent Jake Tapper.

“The things he’s saying about the election are just patently false,” he said. “He is just launching all these lies.”

What happened last night?

Overnight, Wall Street was in good spirits as investors bet on Republicans retaining control of the US Senate to block any potential switch-ups in major policy under a potential Biden Administration that would dampen corporate profits.

Investors seem to have thrown caution to the wind as all three major stock indices were up for the fourth day in a row.

The Dow Jones Industrial Average rose 542.52 points, or 1.95 per cent, to 28,390.18, while the S&P 500 gained 67.01 points, or 1.95 per cent, to 3,510.45. The Nasdaq Composite gained 300.15 points, or 2.59 per cent, to 11,890.93.

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