Election Day Morning Outlook! Vote Early Vote Often!
It is finally Election Day here in the US, and challenger Willard Mitt Romney will attempt to unseat the 44th President of the United States Barack Obama. The polls are extremely close and Wall Street is reflecting that uncertainty. Historical data is mixed as to which party has been friendliest to equity markets. The current economic trend is clearly positive, with equities up nearly 100% since Obama took office. Who are you voting for? Sound off below! Taking a look at the Street, futures are pointing higher Tuesday morning. Futures for the Dow Jones Industrial Average rose 29 points, or 0.2%, to 13,082, while those for the Standard & Poor’s 500 index gained 3.5 points, or 0.3%, to 1,415.50. Futures for the Nasdaq 100 index advanced 11 points, or 0.4%, to 2,673.25. It is a quiet day on the economic front as all eyes are focused on voter turnout. One thing the market would like to see is a clear winner, no recounts, no Supreme Court rulings. Earnings from AOL and CVS Caremark Corp. (CVS) will be released before the open, while News Corp. (NWSA) is expected to release results after the close.
On Monday, equities posted mild gains to start the week. The Dow Jones Industrial Average gained 19.28 points, or 0.2%, to end at 13,112.44. The S&P 500 Index added 3.06 points, or 0.2%, to 1,417.26, with materials and energy the best performing among its 10 major sectors, and with utilities the worst-performing sector. The Nasdaq Composite Index climbed 17.53 points, or 0.6%, to 2,999.66.
Currencies and Commodities
The dollar fell 0.10% at 80.2100 yen in the currency market. The euro is losing 0.10% at $1.2782 while the pound is depreciating 0.05% to $1.5971. Gold is up $7.10 to $1,690.30, while silver is rising 0.18% at $31.31. Light, sweet crude for December is climbing 37 cents to $86.02 per barrel on the NYMEX; a 0.43% advance.