It’s been two days since the election, and the counting continues in a handful of states that will determine the next U.S. president. On Thursday, the slow-motion tabulation—due to an unprecedented number of absentee ballots—appeared to favor former Vice President Joe Biden in Pennsylvania and Georgia, where he is gaining on President Donald Trump, while favoring Trump in Arizona, where he is gaining on Biden. Though a win for Biden in Pennsylvania, which could be determined as early as tonight, would put him over the top, there is a potential legal landmine waiting for him at the Supreme Court when it comes to some mail-in ballots. Trump has continued to pursue lawsuits to throw out votes in states leaning toward Biden, but his claims are getting tossed out as quickly as they’re filed. It’s still unclear who will emerge victorious, but the way things are looking, Washington will be split between a Biden White House and a divided Congress. In that scenario, the winner won’t be Republicans or Democrats: it will be emerging markets and the rich. —David E. Rovella

Bloomberg is mapping the pandemic globally and across America. For the latest news, sign up for our Covid-19 podcast and daily newsletter.

Here are today’s top stories

Stocks rallied globally as investors rushed back into technology and health-care firms on bets that the U.S. election results will mean gridlock, and thus no major tax hikes or regulatory changes. The dollar weakened to the lowest level in more than two years. There is, however, a slim chance Democrats could take control of the Senate: This is how that may happen.

More Americans than expected filed initial state unemployment claims last week while some 7.3 million remained jobless. More darkly, an increasing number of people are seeking federal help as their benefits expire. The numbers reflect an economic recovery that continues to slow thanks in large part to the nation’s failure to control the fast-spreading coronavirus, which on Wednesday exceeded 100,000 U.S. infections for the first time. Some 9.5 million Americans have been confirmed infected by Covid-19 while 234,000 have died, though the actual numbers are likely much higher. Record infections also continue crush European nations, especially France, as more restrictions are implemented to slow the pathogen. Here is the latest on the pandemic.

A Covid-19 rapid test center tent in Paris on Nov. 5. With virus cases and deaths rising at a faster rate in France, Italy, and Spain than in the U.S., governments are electing to take measures they hope will quickly curb contagion.

Photographer: Adrienne Surprenant/Bloomberg

Trump’s failure to quickly circulate a working test and his efforts to downplay the pandemic have been blamed for playing a key role in America’s status as world leader in deaths and infections. What it didn’t do, apparently, is hurt him politically in those parts of America where people are dying the most.

Wells Fargo plans to freeze raises for top earners as the bank’s new leadership team retools compensation practices with a close eye on costs.

The U.S. is suing for the forfeiture of thousands of Bitcoins tied to the Silk Road marketplace, totaling more than $1 billion, the largest cryptocurrency seizure ever made by the U.S.

RSA Insurance Group said it received a 7.1 billion-pound ($9.3 billion) takeover proposal from Canada’s Intact Financial and Danish insurer Tryg

India's Prime Minister Narendra Modi 

Photographer: Sachin Kumar/AFP

Prime Minister Narendra Modi invited global funds and businesses to invest in India, pitching the nation as a safe and stable destination.

What you’ll need to know tomorrow

• Inside the chaotic unraveling of Jack Ma’s $35 billion IPO.
• Low rates are pushing bond sales by these banks to a record.
• U.S. mortgage rates fall to a record low for 12th time this year.
• Facebook boots far-right group pushing debunked election claims.
• In Europe, October was the hottest month on record.
• Denmark Covid-19 virus mutation triggers new restrictions.
• Xbox Series X review: The future isn’t quite here yet.

What you’ll want to read in Bloomberg Pursuits

Now Introducing the World’s Very Best Bar

A stylish London hotel lounge was just named the World’s Best Bar, unseating Dante in New York. The irony is that the winner cannot properly celebrate its victory until Dec. 1, as a new four-week coronavirus lockdown takes effect in the U.K. But for now, let us show you around Connaught.

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