Wall Street Likes the Election, Might Not Like the Election Result!
Wall Street rebounded for a second consecutive day. The market will finally get some certainty, hopefully, regarding the presidential election. No repeat of 2000 please! The Dow industrials have recorded an average gain of 0.8% on Election Day since 1896, rising 0.1%, on average, the day after. Tomorrow we will get market reaction to the election results, not just at the presidential level, but congress as well. Futures are down this evening as it looks as if President Barack Obama will indeed win reelection. Led by Hewlett Packard Co. (HPQ), the Dow Jones Industrial Average rose 133.24 points, or 1%, to end at 13,245.68, with 28 of the 30 blue chips advancing. The S&P 500 index climbed 11.13 points, or 0.8%, to finish at 1,428.39, with energy and financials the best performing and utilities the sole laggard of its 10 major industry groups. The Nasdaq Composite added 12.27 points, or 0.4%, to 3,011.93.
Crude for December delivery rose $3.06, or 3.6%, to settle at $88.71 a barrel on the New York Mercantile Exchange. Gold climbed $31.80, or 1.9%, to settle at $1,715 an ounce.