Biden closes in on win as he takes Michigan and Wisconsin, Trump challenges outcomes in key states

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Former Vice President Joe Biden won Michigan and Wisconsin on Wednesday as his White House race with Donald Trump stretched into overtime, and the president’s team promised legal challenges.

A day after all polls closed, the presidency and control of the Senate were still hanging in the balance — though Biden had amassed a lead over Trump in Electoral College delegates, 264-214. It takes 270 to win.

In the Senate, Democrats’ path to retaking the majority narrowed when Republican Sen. Susan Collins hung on to her seat after a challenge from state lawmaker Sara Gideon, who’d led Collins in the polls for months.

Read more in MarketWatch and Barron’s live blog.

U.S. stocks rocketed higher on Wednesday as Wall Street watched the results, with the Dow Jones Industrial Average DJIA, +1.33% having a historically strong post–Election Day outing.

Trump, meanwhile, was preparing challenges. His campaign filed a lawsuit in Michigan state court demanding access to locations where ballots are being counted. The campaign wants to review ballots that have already been opened and processed, the Associated Press reported. Suits were also filed in Georgia and Pennsylvania.

Now see: Biden, Trump campaigns could face many court battles before winner is officially declared

The campaign also said it would ask for a recount in Wisconsin. Trump campaign manager Bill Stepien cited “irregularities in several Wisconsin counties.”

Read: Here’s what we know about the states whose Electoral College votes haven’t been called

Republicans’ likely retention of the Senate majority means “gridlock with the liberal House,” wrote Greg Valliere of AGF Investments in a note. “As a result, market-unfriendly tax hikes could stall in 2021,” said Valliere, the firm’s chief U.S. policy strategist.

Now see: Democratic hopes for taking U.S. Senate dwindle as counting continues

Victor Reklaitis contributed to this article.

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