Global stock markets surged today and Wall Street is no exception. All major US indices trade over 2% higher on the day. Russell 2000 (US2000) and Dow Jones (US30) outperform S&P 500 (US500) and Nasdaq (US100). This could be seen as a reflection of latest polls that still put Biden in the lead over Trump. Moreover, when we take a look at how industry groups within the S&P 500 performed today, we can see a strong rotation towards cyclical stocks. Moreover, energy stocks are the only group to trade lower, what may reflect Biden's plan to steer the United States away from oil. Solid performance of Russell 2000 is also telling as there is a widespread belief that Biden's infrastructure plan will be beneficial for US small-caps.
Cyclical stocks shine ahead of Wall Street session close. Source: Bloomberg
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