MILAN/FRANKFURT: European stocks closed with strong gains on Wednesday as investors unwound bets of a Democratic sweep in the US presidential election as the race proved far closer than polls had predicted.

The healthcare sector, typically considered more stable during times of economic uncertainty, rallied 4.9%, while technology stocks that have powered a rebound in global equities since the pandemic lows, surged 3.0%.

Global markets were whipsawed earlier as US Republican President Donald Trump took the lead over Democratic rival Joe Biden in a number of vital swing states, while opinion polls had given Biden a strong lead nationwide for months.

Adding to concerns, Trump falsely claimed he had won the election with millions of votes still uncounted, and said he would go the US Supreme Court to fight for the win if needed.

After falling as much as 1.3% at one point, the pan-European STOXX 600 index swung 2.1% higher, while the German DAX gained 2% and UK’s FTSE rose 1.7%.

Wind turbine makers Vestas and Siemens Gamesa, which were expected to benefit from Biden’s clean energy plan, fell 3.5% and 1.6% respectively.

Among individual movers, German online fashion retailer Zalando jumped 4% after it confirmed the increased guidance it gave last month.

Britain’s Marks & Spencer surged almost 5% after encouraging performance in its food business but reported the first loss in its 94 years as a publicly listed company.—Reuters