Market Recap: Markets Post Healthy Gains Before Election
Markets ended with gains today:
▲ Dow: +1.02 percent
▲ Nasdaq: +0.41 percent
▲ S&P: +0.79 percent
▲ Gold: +1.88 percent to $1,715.19 an ounce
▲ Silver: +2.78 percent to settle at $31.92
▲ Oil: +3.01 percent
Markets were up because:
“We’re on pins and needles,” said Phil Orlando, chief equity strategist at Federated Investors, a money management firm. Orlando, who backs Republican Mitt Romney, said he thought the stock-market’s gains reflected optimism that Romney could win.
The Dow Jones industrial average rose 133.24 points to close at 13,245.68.
Companies that investors believe would benefit under a potential Romney administration surged ahead. They included United Technologies and Boeing, which do substantial business with the Defense Department.
Four financial companies – Travelers, American Express, JPMorgan Chase and Bank of America – ranked among the 10 biggest gainers in the 30-stock Dow average.
Other investors say that they simply want the election behind them. That will allow Wall Street and Congress to shift their attention to the so-called fiscal cliff, a package of tax increases and government spending cuts scheduled to take effect Jan. 1.
In other trading Tuesday, the Standard & Poor’s 500 index rose 11.13 points to 1,428.39, while the Nasdaq composite index gained 12.27 points to 3,011.93.
The price of crude oil jumped $3 to $88.71 in New York as reports suggested that Superstorm Sandy caused a drop in gasoline supplies. That also helped lift stocks in petroleum refiners. Tesoro Corp and Phillips 66 each rose 5 percent.
In the market for government bonds, the yield on the benchmark 10-year U.S. Treasury note rose to 1.75 percent. That’s up from 1.68 percent late Monday.
Even with the surge Tuesday, it remained a quieter Election Day for the stock market than last time.
During the financial meltdown four years ago, big swings in the market became commonplace. On Nov. 4, 2008, the Dow shot up 305 points, easily the biggest Election Day rally of all time. Investors expected a victory for Barack Obama.
On Election Day 2004, the prospect of a close election led to a late sell-off, and the Dow finished down 18 points, snapping a five-day winning streak. John Kerry didn’t concede to George W. Bush until the following day.
Follow Becket Adams (@BecketAdams) on Twitter
Benghazi, IRS, AP...What's next? Only TheBlaze TV offers the truth from Glenn Beck, Andrew Wilkow, and Real News from TheBlaze. Get instant access and a free trial here.
- ‘Bigoted, Religious [Zealots]‘: High School Senior Allegedly Expelled, Charged With Felonies Over Gay Relationship With ‘Consenting’ Fellow Student 1,012 Comments
- ‘The Daily Show’ Creator Makes Outrageously Offensive Anti-Conservative Joke About Okla. Tornado 449 Comments
- Washington Times Writer: Fox News Scandal Goes ‘Much Deeper,’ W.H. Sitting on Something Top Obama Aides ‘Terrified’ About 413 Comments
- University Will Investigate Christian Professor’s Intelligent Design Class Following Atheist Furor 304 Comments
- See the First Behind-the-Scenes Photos as Beck and Mercury One Survey the Damage in Okla. 210 Comments
- Is This Video of Pope Francis Performing an Exorcism? Read More
- Boston Cardinal Snubs Irish PM Over Abortion Support Read More
- Incredible: The Moment a Woman’s Dog Emerges from Rubble During TV Interview Right After She Describes Losing Him 187 Comments
- Here’s the Inspirational Story of an American Flag Hanging Amid the Oklahoma Tornado’s Destruction Read More
- Jay Carney Shifts IRS Timeline (Again!) Read More
- Top IRS Official at Center of Political Targeting Scandal Will Plead the Fifth 102 Comments
- Disgraced IRS Interim Chief Now Fully Admits Knowledge of Planted Question (but Did It Reveal a Past Half-Truth?) Read More
- Ex-IRS Chief: I Have no Idea How This Conservative Targeting Happened Read More
- Treasury Sec. Ready to Deploy ‘Extraordinary Measures’ as U.S. Hits Debt Limit (Again) 104 Comments
- The Incredible Role Facebook Played in the Aftermath of Devastating Okla. Tornado Read More
- Tech Company Demonstrates Remote Disabling of a ‘Smart Gun’ Read More
- Meet the Blind Man Nicknamed ‘Midnight Gunslinger’ Who Has 80% Shot Accuracy Read More
- How a $4.5 Million Network of 181 Sirens Helped Save Lives in Oklahoma Twister Read More
- See the Record-Setting Python a Man Caught With His Bare Hands (and Guess How Much It Weighed) Read More
- Andy Murray out of French Open due to back injury
- The pope and the devil: Is Francis an exorcist?
- Housing recovery boosts Home Depot 1Q results
- Man pleads guilty in Picasso vandalism case
- Search nearly complete after Oklahoma tornado
- Stocks gain on reassurance from a top Fed official
- Arias asks jury for life term; deliberations begin
- Smith makes headlines heading into Hall vote