Stocks open higher as Biden becomes favourite

Stocks open higher as Biden becomes favourite 150 150 Realm

Joe Biden has been projected winner in Wisconsin and Michigan taking him much closer to his goal of winning the presidential election. Meanwhile President Trump has filed lawsuits to stop counting in Michigan and Pennsylvania.

Earlier this morning the Bank of England launched a bigger than expected stimulus package and lifted its quantative easing program by £150 billion. At the same time it has greatly downgraded its economics forecasts thinking the economy will shrink by 11 per cent in 2020.

On Wednesday, European stocks recovered from an early slide to turn higher amid bets that a stimulus deal will go through regardless of the U.S. election result. US stocks moved sharply higher adding to the strong gains posted in the previous session. The major averages all moved to the upside on the day, with the tech-heavy Nasdaq showing a particularly strong advance.

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