Traders work on the floor of the New York Stock Exchange on November 4th. 2020.
Dow futures turned positive Friday after a strong government employment report and news that Democrat Joe Biden preferred Georgia to President Donald Trump in Pennsylvania. The Dow Jones industry average on Thursday rose 542 points, or nearly 2%. The S&P 500 also increased by 2% while the Nasdaq advanced 2.6%. For the week to date, the Dow and S&P 500 are each up more than 7% and the Nasdaq is up nearly 9%.
Job growth was better than expected in October and the unemployment rate is hard to hit, even as the U.S. faces the challenge of increasing coronavirus numbers and shaping the impact they could have on emerging economic recovery.
The Ministry of Labor reported on Friday The number of non-agricultural workers increased by 638,000 and the unemployment rate was 6.9%. Economists polled by Dow Jones were looking for a wage increase of 530,000 and an unemployment rate of 7.7%, a touch lower than in September.
Joe Biden and Donald Trump, November 4, 2020.
Angela Weiss, Almond Ngan | AFP | Getty Images
On the way to the 270 votes it took to win the presidency, Biden was 17 votes away. The former vice president not only moved forward slightly in Georgia, he also took the lead in Pennsylvania on Friday morning. Biden too run in Arizona and Nevada on Friday. Trump was still leading in North Carolina.
With several avenues to the presidency, Biden asked for patience with the vote count and said on Thursday, “The process is working.” In contrast, the president leveled a flurry of election charges on Thursday as Trump’s chances of re-election appeared to continue to diminish without evidence. NBC, ABC and CBS all cut away during Trump’s remarks.
U.S. Spokeswoman Nancy Pelosi, a Democrat from California, speaks during a press conference at the Campaign for Democratic Committee headquarters in Washington, DC, United States on Tuesday, November 3, 2020.
Alyssa Schukar | Bloomberg | Getty Images
Democrats will keep their house majority according to NBC News. But after a string of rough early returnees, the party is likely to have fewer seats in January than it does now. House Democrats on Thursday Blame on their election news and speakers Nancy Pelosi for the stumbling blocks. While the balance of power in the Senate has remained too tight to demand, Republicans appear to be holding onto their majority. Several races are excellent, but two runoffs in Georgia could tip the scales.
Dr. Saulo Castellano labels a nasal swab sample at a COVID-19 test site in the Alliant Energy Center complex while the coronavirus disease outbreak persists on October 31, 2020 in Madison, Wisconsin.
Bing Guan | Reuters
The USA recorded 121,888 new cases of Covid-19 According to a record by Johns Hopkins University on Thursday, the highest daily increase of all time. The daily new infections were over 100,000 for the first time on Wednesday, 102,831 were confirmed.
Even the seven-day average was 95,000 new daily cases, an increase of nearly 24% over the previous seven-day period. 27 states recorded a record high in new cases on Thursday. There are more than 9.6 million Covid-19 cases in the United States. The number of deaths from the disease is 235,000.
– NBC News and The Associated Press contributed to this report.