U.S. Election: Joe Biden Gets Closer to Presidency

  • Joe Biden is on course to win presidency after record participation.
  • The Democrat candidate takes lead in Pennsylvania and Georgia.
  • Donald Trump falsely claimed the Democrats were “trying to steal” the election from him.

Who wins the U.S. election could be decided today. Democratic presidential candidate Joe Biden on Friday increasingly takes the advantage over President Donald Trump in the battlefield states of Pennsylvania, Nevada, and Georgia, bringing him closer to the White House as the States continue to count the ballots.

Biden Is On The Verge Of Winning The U.S. Election

Americans are waiting for the outcome of the U.S. election after record turnout. The votes are still counted in major battlefield states, including Nevada, Pennsylvania, and Georgia. 

The Associated Press has projected Biden to win Arizona, meaning that a victory in Georgia, Pennsylvania, or Nevada would push Biden to the 270-vote threshold.

Trump’s most likely path seems narrower – he has to hang on to both Pennsylvania and Georgia and overtake Biden in Nevada or Arizona.

The focus on Pennsylvania, where Biden led Trump with over 9,000 votes, and Georgia, where Biden led by over 1,500, came as Americans entered a third full day after the election not knowing who will lead for the next four years.

Investors are assuming Republicans will retain control of the Senate for at least the next two years, while former Vice President Joe Biden will occupy the White House.

A divided government, instead of a “blue wave” that has the potential for higher taxes and tighter regulations, has been cited by Wall Street strategists as a reason for the rally in tech stocks.

Steve Rick, chief economist at CUNA Mutual Group, said:

A blue wave would have been more beneficial because it would have led to even more stimulus spending and higher economic and earnings growth.

Republicans have yet to win the seats needed to control the Senate, according to projections by NBC News, with two potential run-off elections in Georgia.

Alicia Levine, chief strategist at BNY Mellon Investment Management, said the possibility for Democrats to gain tight control of the Senate was one of the main risks unaccounted for in the market, even if the runoffs wouldn’t necessarily cause the markets to fall.

Trump Campaign Unlikely to Accept Biden Victory

Republicans have filed a wave of legal challenges in several states over the ongoing vote count, and the Trump campaign has said it will call for a recount in Wisconsin.

In a White House announcement Thursday night, Trump falsely claimed victory in several states and made baseless electoral fraud accusations. He said: “there’s a tremendous amount of litigation generally because of how unfair this process was.” Watch the video below to hear Trump complain about election integrity:

The Biden campaign, meanwhile, called for all votes to be counted. Biden’s campaign announced he would deliver a primetime speech Friday. It was not announced where or what he intended to say.

Last modified: March 4, 2021 2:45 PM

Stephanie Bedard-Chateauneuf: Stephanie has been writing about stocks and financial markets for several years. Based in Canada, she has written for The Motley Fool and Seeking Alpha. She received an MBA in finance and worked for the National Bank of Canada. Check out more of her experience on LinkedIn + and follow her on Twitter. Reach her at stephanie.chateauneuf (at) gmail.com.