Joe Biden becomes projected winner of the U.S. presidential election

Democratic presidential nominee Joe Biden was projected Saturday by multiple U.S. media outlets to be the winner of the 2020 election.

Biden has claimed 290 electoral votes as three states - Georgia, Alaska and North Carolina - are still counting votes, according to AP projection.

Incumbent President Donald Trump now has only 214 electoral votes but refuses to concede defeat and vowed to take legal action.

Multiple US politicians including Barack Obama and Hilary Clinton, as well as some world leaders including French President Emmanuel Macron, UK PM Boris Johnson, Canadian PM Justin Trudeau congratulated Biden on his victory.

US investors and financial executives took a big sigh of relief on Saturday after the country's major networks declared Democrat Joe Biden winner of the US presidential election, offering some certainty after days of conflicting reports about who might run the White House in the next term.

Although incumbent President Donald Trump said he would fight the result in court, Wall Streeters who offered comments felt there was little doubt Biden would ultimately succeed.

"Biden is good news for the markets," Christopher Stanton, chief investment officer at Sunrise Capital Partners, said on Saturday. "We're all so tired of the whipsaw that came with the Trump tweets."

Major US stock indexes registered their biggest weekly gains since April this week, as investors bet Biden would win and Republicans would hold onto the Senate. That scenario would create a steadier hand in the Oval Office and a Congress that would check left-leaning impulses on taxes or regulations that pinch companies, investors said.

However, there are lingering risks to asset prices in the days and weeks ahead.

Republicans have already filed several lawsuits over ballot counting and Trump said his campaign will file more. The litigation could drag out election proceedings, which are also likely to face run-off contests in Georgia.

Beyond those battles, investors have been worried about the people Biden might appoint to his Cabinet. Some of those officials would be negotiating with Congress about a relief package and have extensive powers to craft Wall Street rules.

Current U.S. Federal Reserve governor and former McKinsey consultant Lael Brainard's name has been floated as a potential Treasury Secretary, while Biden has already tapped former derivatives market regulator and Goldman Sachs Group Inc banker Gary Gensler for advice on financial regulation.

Investors and prominent Wall Street figures said they were happy with the election finally being called after what seemed like unending tension as ballots were counted throughout the week.

The financial industry was not reacting in a bubble: major cities in the US, from New York to San Francisco, erupted in celebration on Saturday. Though Trump undoubtedly has significant support throughout the country, including on Wall Street, 2020 has been a difficult year for the United States.

The coronavirus pandemic has taken a huge toll on the country, killing some 236,250 people so far, while social unrest over the police killing of George Floyd, a Black man, has only hardened divisions that already existed.

Many voters were hoping for a decisive election that would offer some calm, whichever candidate they cast ballots for.

Mohamed El-Erian, Allianz Group's chief economic adviser, said he hoped a Biden administration could work with Congress to get a handle on the pandemic and pass an economic stimulus package for struggling Americans.

"The country needs to come together to deal better with a surge in COVID infections that risks the loss of more lives, greater disruptions to livelihoods, and long-term economic, institutional and social scarring," he said.