Stock markets have shrugged off US election uncertainty as they build on polling day gains, despite key swing states remaining too close to call.
Wall Street's main stock indices - the Dow Jones, S&P 500 and the Nasdaq - all turned higher as they opened the day after the vote.
Live updates as US election results unfold
In London, the FTSE 100 closed 1.7% higher with European markets also making strong gains - adding to those seen on Tuesday.
A day earlier, election day trading had seen markets apparently pricing in a clean sweep for Joe Biden's Democrats in both the White House and the Senate.
Investors were looking at an outcome seen as likely to bring about rapid agreement on a new stimulus for the pandemic-battered US economy.
But it was a choppy start for the FTSE on Wednesday as it emerged that the result would be far less clear-cut than forecasts had suggested - sending the London index 1% lower in early trading.
However, it was soon back into positive territory, continuing its early-November recovery this week after a grim October that had been gripped by fears about a second wave of coronavirus and fresh lockdowns.
Analysts suggested some of the uncertainty had already been priced in.
Traders also appeared to be comfortable with the possibility of a result which enabled stimulus to keep flowing while denying a Biden White House the ability to push through new regulations and roll back tax cuts.
That meant particularly strong gains in the tech sector, with Facebook up 8% and Alphabet up 7%, and the tech-heavy Nasdaq index adding 3.5% - while the more broadly-based S&P 500 and Dow Jones indices were up about 2%.
Investors have been focused this week on expectations that the end of the bitter contest between Donald Trump and Joe Biden would result in further economic support finally being agreed for the economy.
The implications of the race for the White House are the main focus globally as the winner will take control of the world's largest economy.
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Brian Jacobsen, senior investment strategist at Wells Fargo asset management, said: "While we still don't have full results, it looks like instead of a red wave or blue wave scenario - with all respect to Prince - we have more of a purple rain scenario, with gridlock being the most likely outcome.
"That could mean less likelihood of fiscal stimulus, but it could also mean a lower likelihood of big changes to tax policy
or regulatory policies.
"Regardless, we believe the economy is more important than the election to the markets."
https://news.google.com/__i/rss/rd/articles/CBMia2h0dHBzOi8vbmV3cy5za3kuY29tL3N0b3J5L3VzLWVsZWN0aW9uLTIwMjAtZmluYW5jaWFsLW1hcmtldHMtY2F1dGlvdXMtYXMtcmVzdWx0LXRvby1jbG9zZS10by1jYWxsLTEyMTIzMjYz0gFvaHR0cHM6Ly9uZXdzLnNreS5jb20vc3RvcnkvYW1wL3VzLWVsZWN0aW9uLTIwMjAtZmluYW5jaWFsLW1hcmtldHMtY2F1dGlvdXMtYXMtcmVzdWx0LXRvby1jbG9zZS10by1jYWxsLTEyMTIzMjYz?oc=5
2020-11-04 15:33:45Z
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