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Data: Investing.com; Chart: Axios Visuals

Sitting Indonesian President Joko Widodo, known affectionately in the country as Jokowi, was declared the winner of April's hard-fought election on Tuesday by a double-digit margin.

What's happening: It was not a second too soon for equity investors. The country's benchmark index has fallen off a cliff since voting began on April 17.

Details: After rising a respectable 5% from Jan. 1 through Election Day, the stock market not only erased all of its gains but declined by 10% during the country's month-long election process.

  • Through Monday, the exchange was in the red by 5% for the year.
  • Last week was the index's worst in 13 months, as political instability and security risks weighed on the market ahead of the election results being revealed.
  • Jokowi's win helped equities bounce 2% overnight Tuesday.

Go deeper: What to know about Indonesia's massive election

Editor's note: The spelling of the Indonesia president's nickname was corrected to Jokowi.

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Uber to buy Postmates in $2.65 billion deal

Illustration: Sarah Grillo/Axios

Uber has agreed to acquire food delivery company Postmates for $2.65 billion in an all-stock deal, the companies announced Monday.

Why it matters: This is the latest merger for the food delivery space as the sector undergoes an ongoing market consolidation.

Analysts expect soaring stock market despite slashed earnings forecasts

Data: FactSet; Chart: Axios Visuals

Despite cutting expectations for companies' earnings by the most in history and revenue by the most since 2009, Wall Street analysts are getting increasingly bullish on the overall direction of the U.S. stock market.

What's happening: Equity analysts are expecting earnings in the second quarter to fall by 43.8% — the most since 2008's fourth quarter 69.1% decline.

Case growth outpacing testing in coronavirus hotspots

Data: The COVID Tracking Project. Note: Vermont and Hawaii were not included because they have fewer than 20 cases per day. Chart: Andrew Witherspoon/Axios

The United States' alarming rise in coronavirus cases isn't due to increased testing — particularly not where cases have grown fastest over the last month.

Why it matters: The U.S. doesn't yet know what it looks like when a pandemic rages on relatively unchecked after the health system has become overwhelmed. It may be about to find out.