US markets jump 3 per cent despite election uncertainty

Stuart Clark, portfolio manager at Quilter Investors, agreed, saying that any US electoral paralysis was likely to increase volatility for markets.

The election result is currently too close to call, with Mr Trump securing 213 of the 270 electoral college votes needed and Democrat challenger Joe Biden just inches ahead with 224 votes in his pocket.

With an increased number of mail-in voters this year as the coronavirus crisis looms large in the US, the uncertainty could yet drag on for days.

Richard Buxton, head of strategy for UK alpha at Jupiter Asset Management, said: “Any suggestion that the outcome could be contested by either the Trump or Biden campaigns is likely to be viewed dimly by investors, and could give way to a period of renewed volatility in equity and currency markets.”

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