U.S. Stock Futures Surge Higher as Trump Outperforms Polls

US President Donald Trump gestures during a Keep America Great Rally at Kellogg Arena December 18, 2019, in Battle Creek, Michigan. (Photo by Brendan Smialowski / AFP) (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)

U.S. equity futures prices jumped higher, Treasuries climbed, and the dollar gained against foreign currencies as results from the U.S. presidential election indicated that President Donald Trump was significantly outperforming poll numbers and could be on the way to winning a second term.

Nasdaq 100 stock futures soared fast enough that they tripped a trading halt kicks in at a sudden 3.5 percent rise. As of about 11:30 p.m. the Nasdaq futures were up 3.2 percent. Dow Jones Industrial Average and S&P 500 futures were initially trading lower as results came in but turned around as it became clear that Trump was likely to win in Florida, Georgia, and North Carolina, all states where Trump was behind in the polls. A half-hour before midnight, Dow futures were up 0.64 percent and S&P futures were up 1.4 percent.

Treasury yields were volatile. At one point, yield on the benchmark ten-year Treasury rose above 0.9 percent and then fell below eight-tenths of a percent. By 11:30 p.m., they were at 0.827 percent, a slight decline. A falling yield indicates a rising price for bonds.

The dollar initially slumped and then advanced the most since June. It rose in value against the Japanese yen, the Chinese yuan, the Euro, and the U.K. pound.

Gold and copper fell. Oil prices rose sharply.


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