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Warnock projected to win Georgia Senate race, as Ossoff clings to slim lead

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Raphael Warnock won one of two runoff elections in the Georgia Senate early Wednesday, according to the Associated Press, bringing the Democrats one seat closer to the Senate majority.

The AP called the race for Warnock against GOP Senator Kelly Loeffler around 2 a.m. in the east.

After campaigns that generated massive spending and global attention because the runoff elections determine the balance of power in Washington, results continued to come from across the state.

With 97% of the expected number of votes, Democratic challenger Jon Ossoff led Republican Senator David Perdue by just 0.22 percentage points, according to the Associated Press.

Democrats must triumph in both Georgian competitions to take responsibility for the Senate. They would be in control because a Democratic vice president, Kamala Harris, would cast votes.

Analysts described the Georgia competitions as “as close as possible,” and it was expected that there would be a long wait for winners to be announced.

Also read: In Georgia’s Chatham County, voters march to vote on election day

Betting markets and polls on Tuesday afternoon signaled a degree of confidence in the prospects of the Democratic candidates.

“It looks like the Democratic campaign machine was more effective than the Republican at increasing voter turnout,” Eurasia Group analyst Jon Lieber said in a statement late Tuesday.

Warnock, who will be the first black senator in his state’s history, video-streamed remarks after midnight that included some hallmarks of a victory speech. Loeffler spoke too, insisting that she still had a way to win.

Ossoff’s campaign manager said in a late-night statement: “When all the votes are counted, we’ll assume Jon Ossoff won this election to represent Georgia in the United States Senate.” Perdue’s campaign issued a statement calling the election “exceptionally close” and saying it would “exhaust all legal channels” to ensure that all ballots are counted.

The Republicans already control 50 seats after the November election and can remain the majority party in the Senate with 100 seats by winning just one of the two races in Georgia. They would then conduct a policy review, backed by Democratic President-elect Joe Biden and the Democratic-run House of Representatives.

Polling stations closed at 7 p.m. Eastern Time on Tuesday after Georgians flocked to them to cast their ballots, though not all voting in the state stopped at that time. For example, a court order extended voting at two polling stations in Chatham County by about half an hour, according to local news reports.

An AP poll of voters in Georgia’s run-off election found that about three-quarters of supporters of the state’s incumbent Republican senators said President-elect Joe Biden was illegally elected in November.

The runoff elections in Georgia have the potential to add + 0.71% volatility to the SPX stock market..
The Dow Jones Industrial Average DJIA (+ 0.55%) closed slightly higher on Tuesday after suffering its biggest decline since late October on Monday.

Futures for the Dow Jones Industrial Average YMH21 (+ 0.36%) rose 0.3% after the race was scheduled for Warnock. The 10 Year Treasury Yield TMUBMUSD10Y is 1.017%,
meanwhile rose over 1%.

See: Stock futures mixed, bond yields burst as Democrats win at least one Georgia Senate runoff race

Read now: The fate of Value stocks hangs on the Georgia Senate races, JPMorgan strategists say

See also: Georgians flashed runoff ads as Democrats installed Barack Obama and Republicans countered with Herschel Walker

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