With Pennsylvania and Georgia, Biden on doorstep of White House

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Wall Street shares backpedaled on Friday, while the U.S. dollar pared losses after Democrat Joe Biden pulled ahead of President Donald trump in two battleground states that could put him in the White House.

FILE PHOTO: Democratic U.S. presidential nominee Joe Biden is accompanied by vice presidential nominee Kamala Harris as he makes a statement on the 2020 U.S. presidential election results during a brief appearance before reporters in Wilmington, Delaware, U.S., November 5, 2020. REUTERS/Kevin Lamarque

Biden took the lead in Pennsylvania and Georgia for the first time on Friday, three days after polls closed, according to Edison Research. With a 253 to 214 lead in the Electoral College vote that determines the winner, according to most major television networks, Pennsylvania’s 20 plus Georgia’s 16 electoral votes would put the former vice president over the 270 he needs for victory.

MARKETS

* STOCKS: Dow down 0.57, S&P 500 down 0.63%, Nasdaq down 1.2%

* BONDS: Yields on the 10-year note rose 0.8218%

* FOREX: The dollar index was off 0.22%

* VIX: The VIX was off 0.2% at 27.45

COMMENTS

JUSTIN HOOGENDOORN, HEAD OF FIXED INCOME STRATEGY, PIPER SANDLER, CHICAGO

“The probability of a Democratic (White House) victory was already high. In some sense the elimination of the uncertainty is pushing up yields.”

“Also a rising possibility of the Democrats being able to push more significant legislation through in the Senate. It may not be likely , but even if they capture one Senate seat, it just becomes more plausible to push some legislation through. The closer they are to that, the more plausible.”