REUTERS: U.S. stock futures jumped on Thursday as investors bet that a Republican held Senate would block any moves by a Joe Biden administration to tighten regulation and raise taxes on corporate America, even as the presidential election remained too close to call.
Shares of technology mega-caps including Apple Inc, Amazon.com Inc and Alphabet Corp, this year's big"stay-at-home" gainers from coronavirus lockdowns, also looked set to add to strong gains from Wednesday. "The outcome of the election in terms of the potential for a Democratic President and a Republican Senate is in many ways the best news for markets because it prevents more extreme policies," said Jonathan Bell, chief investment officer at Stanhope Capital.
But investors also sought the safety of bonds as the prospect of a divided Congress dented expectations of a bumper fiscal stimulus package that is critical to supporting a damaged U.S. economy. Coronavirus risks also grew with new U.S. infections setting a daily record.
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