Ranked voting will determine the winner of Maine's 2nd Congressional District

LEWISTON, Maine (AP) — Votes will have to be redistributed under Maine’s ranked choice system to determine the winner of a key congressional race, election officials said.

The process was beginning with the support of Republican Austin Theriault's campaign on Friday, despite Democratic Rep. Jared Golden's claim that he already won reelection outright, without the need for additional tabulations.

The matchup between Golden and Theriault in Maine's 2nd Congressional District was one of a handful of pivotal races still without a declared winner, with control of the U.S. House of Representatives at stake.

The two candidates were both just below 49%, with Golden holding a slight edge of about 2,000 votes, according to figures released Thursday night by the Maine Department of the Secretary of State. At this point, Maine's winner won't be announced until next week.

Under ranked voting, if no candidate achieves a majority on the first round, the lesser choices of the last-place finisher’s supporters are reallocated to establish a majority. Golden and Theriault were the only candidates on the ballot, but Diana Merenda of Surry, who ran an organized write-in candidacy, received several hundred votes. The second choices of any voters who left their first choice blank also will be counted.

Hundreds of votes for people other than Merenda, the declared write-in, will be treated as blanks. Any blank ballots with no second choice also will be removed from the total, bringing Golden and Theriault closer to a head-to-head count.

The Associated Press has not declared a winner in the race. Now that won’t happen until next week, after the ballots from all of the district's many cities and towns are transported to the state capital and re-scanned into a computer in a centralized location.

The initial count was so close that Theriault already took the step of requesting a recount, but Theriault’s campaign signaled Friday that it was supportive of the ranked count.

“There is a process in place and we look forward to the process unfolding according to the law,” Theriault campaign manager Shawn Roderick said.

Golden, who had declared victory on Wednesday after some news organizations reported that he had won, insisted that the ranked choice process isn't necessary.

“The rules are clear: A ranked-choice run-off is required only if no candidate receives more than 50 percent of first-choice votes. When the clerks reported returns on Tuesday, Congressman Golden was the candidate who received more than 50 percent of first-choice votes. Voters have a right to see elections decided both accurately and expediently,” his campaign said.

Maine has no mandatory recounts, even in close elections. But the state does allow candidates to request a recount. The state does not require a deposit for a recount if the margin of victory is 1% or less in congressional races.

The thin margin came in an election in which Republican Donald Trump won the 2nd District, allowing him to collect one of Maine's four electoral votes. Maine is one of two states that split electoral votes.

During the campaign, Golden touted his ability to work with members of either political party along with his advocacy on behalf of the lobster industry, which is the lifeblood of the region’s economy.

Theriault, who was first elected to the Maine House of Representatives in 2022, spent much of the campaign portraying Golden as too liberal for the district. Although Theriault had the backing of Trump, he also attempted to portray himself as a potential uniter during a divided time in Washington.

People cast their votes on Election Day, Tuesday, Nov. 5, 2024 in Pownal, Maine. (AP Photo/Joel Page)

Lt. Wayne Clifford stands outside a polling location on Election Day, at the Green Ladle, High School Campus, Tuesday, Nov. 5, 2024 in Lewiston, Maine. (AP Photo/Joel Page)

Voters fill out their ballots on Election Day Tuesday, Nov. 5, 2024 at the Cross Insurance Center in Bangor, Maine. (AP Photo/Joel Page)

Rep. Jared Golden, D-Maine, walks down a hallway before addressing the media Wednesday afternoon, Nov. 6, 2024, during a press conference at his campaign office in Lewiston, Maine. (Russ Dillingham/Sun Journal via AP)

Rep. Jared Golden, D-Maine, gestures as he walks to the podium to address the media Wednesday afternoon, Nov. 6, 2024, during a press conference at his campaign office in Lewiston, Maine. (Russ Dillingham/Sun Journal via AP)

Rep. Jared Golden, D-Maine, fields a question from the media Wednesday afternoon, Nov. 6, 2024, during a press conference at his campaign office in Lewiston, Maine. (Russ Dillingham/Sun Journal via AP)

Rep. Jared Golden, D-Maine, addresses the media Wednesday afternoon, Nov. 6, 2024, during a press conference at his campaign office in Lewiston, Maine. (Russ Dillingham/Sun Journal via AP)

Republican congressional candidate Austin Theriault, center, poses for a photo with supporters Tuesday, Nov. 5, 2024 outside the Cross Insurance Center in Bangor, Maine. (AP Photo/Joel Page)

Republican congressional candidate Austin Theriault, right speaks with Carlos Kennelly, left, Tuesday, Nov. 5, 2024 outside the Cross Insurance Center in Bangor, Maine. (AP Photo/Joel Page)

A person submits his ballot on Election Day, Tuesday, Nov. 5, 2024 in Lewiston, Maine. (AP Photo/Joel Page)

Ranked voting will determine the winner of Maine's 2nd Congressional District

Voters fill out their ballots on Election Day Tuesday, Nov. 5, 2024, at the Cross Insurance Center in Bangor, Maine. (AP Photo/Joel Page)

Ranked voting will determine the winner of Maine's 2nd Congressional District

NEW YORK (AP) — U.S. stocks are posting more gains Friday on their way to their best week in a year.

The S&P 500 was 0.6% higher in afternoon trading and on track for its biggest weekly gain since early November 2023. The Dow Jones Industrial Average was up 318 points, or 0.7%, as of 2:04 p.m. Eastern time, and the Nasdaq composite rose 0.2%.

The relatively moderate trading followed big gains and more records for indexes earlier in the week after Donald Trump won the presidential election and the Federal Reserve cut interest rates again to make things easier for the economy.

Axon Enterprise, which sells Tasers and body cameras used by police officers, helped lead the market. It jumped 27.7% after delivering stronger profit for the latest quarter than analysts expected. It also raised its revenue forecast for the full year to $2.07 billion, which would mean 32% growth.

Expedia Group rose 5% after likewise topping profit expectations. It said booked room nights rose 9% from a year earlier.

Helping to keep the market in check was Airbnb, which sank 8% after the online vacation rental platform posted a mixed third-quarter earnings report and issued forecasts for the fourth quarter that disappointed investors.

Digital pinboard and shopping site Pinterest slid 16.1% after the company’s revenue guidance came in lower than investors expected, even as it easily beat Wall Street’s sales and profit targets.

In the bond market, longer-term Treasury yields eased.

A preliminary report in the morning suggested sentiment among U.S. consumers rose for a fourth straight month to its highest level in six months. The survey from the University of Michigan, which was conducted before Tuesday's election, also said expectations for inflation in the coming year eased to the lowest level since 2020.

The yield on the 10-year Treasury fell to 4.30% from 4.33% late Thursday. But it’s still well above where it was in mid-September, when it was close to 3.60%.

Treasury yields climbed in large part because the U.S. economy has remained much more resilient than feared. The hope is that it can continue to stay solid as the Federal Reserve continues to cut interest rates in order to keep the job market humming, now that it’s helped get inflation nearly down to its 2% target.

Some of the rise in yields has also been because of Trump. He talks up tariffs and other policies that economists say could drive inflation and the U.S. government’s debt higher, along with the economy’s growth.

Traders have already begun paring forecasts for how many cuts to rates the Fed will deliver next year because of that. While lower rates can boost the economy, they can also give inflation more fuel.

In stock markets abroad, Trump’s talk about tariffs has raised worries about possible trade tensions and disruptions to the global economy.

European indexes were mostly lower and on track for a losing week.

Markets in Hong Kong and Shanghai fell as investors awaited much-anticipated steps by Beijing to rev up the slowing Chinese economy following a meeting of the legislature’s Standing Committee. Officials announced a 6 trillion yuan ($839 billion), three-year plan to help local governments refinance their many trillions of debt that has ballooned during the COVID-19 pandemic and a collapse of the property market.

Financial markets worldwide have swung sharply as investors lay bets on what Trump's plans for higher tariffs, lower tax rates and lighter regulation could mean for the global economy. But many professional investors have also urged caution, saying snaps back in prices could occur as it becomes more clear what proposals will become policy versus just negotiating starting points.

U.S. banks and the stocks of more domestically focused companies have seen some of the wildest moves, as some of the poster children of the “Trump trade.” The stock that’s become most synonymous with the president-elect, Trump Media & Technology Group, rose 15.3% Thursday and is on track for a gain this week.

AP Writers Matt Ott and Zimo Zhong contributed to this report.

Specialist Mike Pistillo, left and trader Peter Tuchman wear "S&P 6000" hats on the floor of the New York Stock Exchange, Friday, Nov. 8, 2024. (AP Photo/Richard Drew)

Trader Michael Capolinoi works on the floor of the New York Stock Exchange, Friday, Nov. 8, 2024. (AP Photo/Richard Drew)

A pair of traders work on the floor of the New York Stock Exchange, Friday, Nov. 8, 2024. (AP Photo/Richard Drew)

Trader Robert Charmak works on the floor of the New York Stock Exchange, Friday, Nov. 8, 2024. (AP Photo/Richard Drew)

Trader William Lovesick, left, and specialist James Denaro work on the floor of the New York Stock Exchange, Friday, Nov. 8, 2024. (AP Photo/Richard Drew)

A pair of traders work on the floor of the New York Stock Exchange, Thursday, Nov. 7, 2024, in New York, as Federal Reserve Chair Jerome Powell news conference in Washington is displayed on a monitor. (AP Photo/Richard Drew)

Comments by Federal Reserve Chair Jerome Powell appear on a bank of screens on the floor of the New York Stock Exchange, Thursday, Nov. 7, 2024, in New York. (AP Photo/Richard Drew)

A screen at a trading post on the floor of the New York Stock Exchange displays the Federal Reserve interest rate decision, Thursday, Nov. 7, 2024. (AP Photo/Richard Drew)

People stand in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, Nov. 8, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, Nov. 8, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Tokyo Stock Price index at a securities firm Friday, Nov. 8, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, Nov. 8, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)