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Dow jumps more than 400 points to start November as U.S. election looms

Stocks rose on Monday, the first trading day of the month, as markets recovered some of the sharp losses from last week and braced for the U.S. presidential election.

The Dow Jones Industrial Average closed 423.45 points higher, or 0.6%, at 26,925.05. The S&P 500 gained 1.2% to end the day at 3,310.24. The Nasdaq Composite rose 0.4% to 10,957.61.

CNBC’s Jim Cramer said Monday’s gains for the Dow and S&P 500 may be driven in part by easing concerns over a delayed or contested election result.

“If you’re really short, you’re really betting that everything has to go wrong at this point,” Cramer said on CNBC’s “Squawk on the Street.” ”[The market] really got oversold last week and it’s entirely possible that we elect someone tomorrow.”

Ahead of Tuesday’s election, Joe Biden held a substantial national lead over President Donald Trump. The former vice president garnered 52% of support from registered voters versus 42% for the president, according to a NBC News/Wall Street Journal poll from Sunday.

The Senate election could also be crucial for the markets as many key policy shifts including further fiscal stimulus hinge on who holds the majority control.

“The world is still largely in a holding pattern as investors await clarity on the U.S. election,” Adam Crisafulli, founder of Vital Knowledge, said in a note. “The world will likely be a lot clearer in just a few days thanks to the election being over, stimulus talks resuming in Washington, [and] further central bank support.”

The bull market will resume after the election, with 50% long-term upside, JPMorgan says

The stock market is poised to resume its bull market rally after the election, with nearly 50% upside still left to climb over the long term, JPMorgan said in a note to investors Monday.

The U.S. market just suffered its worst week since March, but the macro positioning of investments is still bullish for stock investors over the long haul, strategist Nikolaos Panigirtzoglou wrote.

Stock futures rise slightly ahead of U.S. Election Day

U.S. stock futures rose slightly in overnight trading as investors awaited Tuesday’s Presidential election between incumbent Donald Trump and former Vice President Joe Biden.

Dow futures rose 87 points. S&P 500 and Nasdaq futures gained 0.2% and 0.18%, respectively.

Reference: CNBC