Stock futures surge as Trump gains ground in key battlegrounds

Stock futures are soaring as President Trump made up ground in key swing states and the Democrats retained control of the House of Representatives.

Dow Jones Industrial Average futures were up 193 points, or 0.73%, while S&P 500 futures and Nasdaq futures were higher by 1.1% and 3.9%. The major averages all rose by at least 1.78% during Tuesday’s session, recording their best Election Day since 2008.

Trump held a 3.5 percentage point lead in Florida with 91% of the state’s votes counted. Fox News has not yet called the state.

ELECTION DAY 2020: TRUMP, BIDEN OFFER DIFFERING VISIONS FOR US ECONOMY

After Florida is declared, the focus will turn to battleground states North Carolina and Ohio where Trump has pulled ahead of former Vice President Joe Biden. The incumbent also leads in after an early count in Pennsylvania.

While Trump is flexing his might in the key battleground states, Fox News has called a Democratic majority in the House of Representatives.

House Speaker Nancy Pelosi, who is battling Treasury Secretary Steven Mnuchin over the size of the COVID-19 stimulus relief package, will likely retain her leadership role as Democrats are expected to pick up at least five seats in the lower chamber.

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Looking at commodities, West Texas Intermediate crude oil futures traded up 43 cents at $38.09 per barrel and gold futures were off $19.50 to $1,890.90 an ounce.

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