Election officials count absentee ballots at a polling place located in the Town of Beloit fire station on November 03, 2020 near Beloit, Wisconsin.Scott Olson | Getty Images – Advertisement – This week’s market moves come as investors hoped a delayed, or contested, U.S. presidential election result would be avoided and a clear winner would emerge Tuesday night.“This most recent uptick in prices seems to be a ‘clarity rally’ as investors look forward to finally having the election uncertainty overhang removed,” Adam Crisafulli, founder of Vital Knowledge, wrote in a note Tuesday.Former Vice President Joe Biden held a 10-point lead nationally over President Donald Trump, according to an NBC News/Wall Street Journal poll released Sunday. Wall Street is also watching some key Senate races, which could lead to Democrats taking control of Congress.- Advertisement – Stock futures rose slightly on Tuesday night following a sharp rally during regular trading while investors awaited the result of the presidential election.Dow Jones Industrial Average traded 131 points higher, or 0.5%. S&P 500 futures gained 0.4% and Nasdaq 100 futures advanced 0.3%.Earlier in the day, the Dow popped more than 500 points, or 2.1%. The S&P 500 gained 1.8% and the Nasdaq Composite advanced 1.9%. Those gains added to Monday’s strong performance.- Advertisement – Investors are betting that a so-called blue wave — a scenario in which Democrats win the White House, obtain a Senate majority and keep control of the House — could facilitate the passing of new fiscal stimulus as the economy continues its recovery from the coronavirus pandemic.“I think that no matter who wins, you have a quick dip and you have to buy,” CNBC’s Jim Cramer said earlier on Tuesday.The S&P 500 lost 0.4%, on average, the day after presidential elections, according to Baird.Chao Ma of the Wells Fargo Investment Institute thinks investors with a longer time horizon should not worry too much about the election’s impact on the broader market.“The history of the economy and the S&P 500 Index suggests that a president’s party affiliation has made little difference when it comes to long-term returns,” said the firm’s global portfolio and investment strategist. “The long-term drivers of the S&P 500 index have been the economy and business earnings, and we expect that to continue to be the case … beyond the 2020 elections.”One year out from a presidential election, the S&P 500 averaged a return of more than 8%, according to the Baird data back to 1960.Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. – Advertisement –
MASON CITY — The City Council in Mason City last night approved an intergovernmental agreement with the City of Forest City on building inspections. It allows Mason City building inspectors to inspect buildings within Forest City as that community is working to address blight and dilapidation. Mason City’s city administrator Aaron Burnett says Forest City’s needs do not warrant employing staff specifically dedicated to building inspections. “We received the request from Forest City to see if there was an ability to partner to help them essentially pursue 657As and other delinquent properties. When you’re in a smaller community, you just really don’t have the staff that we have here in Mason City. So with that, and understanding that very well from my previous work in smaller communities, it’s a good opportunity to be a good regional partner and help kind of raise the tide for the whole area.” Burnett says the work for Forest City would be on an overtime basis with all costs being covered by the City of Forest City. “We reached out to staff before we even started the 28E to see if they were interested in the overtime opportunity, and if at some point they’re not interested we would not provide staff towards that purpose. It will not affect service because it will be all overtime. It’s all time that they would not be working anyway, and all of that time will be fully reimbursed, mileage and hours. So as far as our services I don’t think we will have a problem.” — The council also passed the second reading of an ordinance for increasing water, sewer and sanitation rates. The council approved the increases in the city’s fiscal year budget that started on July 1st, with increases in the water and sewer rates to help fund capital projects, and the increase in the sanitation rate to build funds for vehicle replacements in future fiscal years. The water rate increase is 2.55% and will increase about 71 cents per month for the homeowner that averages 500 cubic feet of monthly use. The sewer increase is 2.83% and will increase about 49 cents per month for the typical homeowner. The sanitation rate will go up 40 cents per month to $12.05 starting for the July utility bill.