(Bloomberg) — Wall Street is celebrating the prospect of a U.S. presidency under Joe Biden.A global rally swept across stock markets on Monday, lifting the MSCI All-Country World Index to a record high. Gains stretched from commodities to emerging markets, with investors still buoyant over a possible split in Congress, which could spell legislative deadlock, or simply relieved that the election process has come to an end.S&P 500 futures added 1.5% and contracts on the tech-heavy Nasdaq 100 Index gained 1.8%. All of the industry groups in the Europe Stoxx 600 Index turned green, and indexes in Asia were uniformly higher. As the rally in global stocks extends into a sixth day, there’s plenty of speculation in the market over how U.S. policy will change under a Biden administration. Investors have said there’s likely to be some easing in the trade war tensions with China, and hopes remain for an economic aid package to support the U.S. economy during the latest virus resurgence. “For stocks, this is likely the best of both worlds,” said Joyce Chang, chair of global research at JPMorgan Securities. “A GOP senate majority should ensure that Trump’s pro-business policies stay intact. Under Biden, additional tariffs that fueled the trade war are unlikely to materialize.”There’s precedence for the market’s gains to continue. Since 2000, every time the S&P 500 was higher heading into Election Day, November and December came in green, too. The first years of presidential terms have also been good ones of late. Since 1986, according to Leuthold Group data, they’ve seen average gains of 18.6%.Biden Stocks Will Have History and Fed on Side, Not Much ElseHaven assets were largely steady, with small moves in Treasuries, the dollar and gold. The yield on Greece’s two-year bond fell below zero for the first time. Oil futures rose to $38 a barrel in New York. In Turkey, the lira surged the most since March 2019. Over the weekend, the country’s central bank governor was fired and the economy czar resigned, raising speculation over whether the country could shift to more orthodox policies and raise interest rates. The lira, the worst performer in emerging markets this year, gained as much as 6% against the dollar.These are some key events coming up:Brexit trade-deal talks between the U.K. and EU continue in London MondayTuesday is the EU’s target date for triggering tariffs on as much as $4 billion of U.S. goods in retaliation over illegal aid to Boeing Co.Alibaba holds its annual Singles’ Day on Wednesday, an online global shopping phenomenon that had $38 billion of sales last yearECB President Christine Lagarde, BOE Governor Andrew Bailey and Fed Chair Jerome Powell are among the speakers Thursday at an online ECB Forum entitled “Central Banks in a Shifting World”Finance ministers and central bankers from the Group of 20 hold an extraordinary meeting Friday to discuss bolder action to help poor nations struggling to repay their debts.These are the main moves in markets:StocksFutures on the S&P 500 Index increased 1.2% as of 11:36 a.m. London time.The Stoxx Europe 600 Index climbed 1.5%.The MSCI Asia Pacific Index rose 1.3%.The MSCI Emerging Market Index gained 1.2%.CurrenciesThe Bloomberg Dollar Spot Index decreased 0.2% to 1,150.07.The euro rose 0.2% to $1.1864.The British pound gained 0.1% to $1.3132.The Japanese yen weakened 0.1% to 103.79 per dollar.BondsThe yield on 10-year Treasuries declined less than one basis point to 0.81%.The yield on two-year Treasuries declined less than one basis point to 0.15%.Germany’s 10-year yield fell one basis point to -0.64%.Britain’s 10-year yield decreased one basis point to 0.245%.CommoditiesWest Texas Intermediate crude gained 1.5% to $38.41 a barrel.Gold strengthened 0.3% to $1,954.03 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.