Stock futures rise slightly after Tuesday’s rally as traders await U.S. election results

first_imgElection 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 –center_img 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 –last_img read more

World Dream Delivered to Genting Hong Kong

first_imgGerman shipbuilder Meyer Werft has handed over the new cruise vessel World Dream to the Asian shipping company Dream Cruises, a subsidiary of Genting Hong Kong. The new ship can accommodate 3,376 passengers and is 335 meters long, 39.7 meters wide and can reach a speed of more than 23 knots. This cruise ship also carries a small deep-sea submarine that can take guests down to a depth of up to 200 metres. In addition, World Dream has been designed and built according to the latest safety regulations, Meyer Werft said.“This is the 44th cruise ship we delivered. Our team made a great job. I am proud and thankful for their contribution,” said Tim Meyer, Managing Director of Meyer Werft.The new cruise ship has been designed for the rapidly growing Asian cruise market.After being handed over to the cruise company in Bremerhaven, World Dream will set sail to Asia where it will offer cruises for two, five and seven nights. Sailing from Hong Kong, it will cruise through regions in Vietnam and China.Once it arrives in Asia in November of this year, the ship will replace its sister ship Genting Dream in the Pearl Delta and Genting Dream will be homeported in Singapore.Delivered to the company from German shipbuilder Meyer Werft on October 12, 2016, the Genting Dream can accommodate 3,400 passengers and 2,000 crew.Earlier this month Genting Hong Kong announced delisting from the Singapore Exchange Securities Trading Limited (SGX-ST).The company said that the move is in line with its strategic focus on its cruise ship business in Asia, in particular, North-Asia, as the company continues to undertake initiatives to tap the burgeoning growth potential in the Chinese market.Image Courtesy: Meyer Werft; Video Courtesy: Dream Cruiseslast_img read more