Wall Street closes sharply higher on U.S. Election Day stimulus hopes
U.S. stocks closed sharply higher on Tuesday as Americans voted in one of the country’s most rancorous presidential elections and investors bet it would be decided without a prolonged process, leading to a swift deal on more fiscal stimulus.
The Dow Jones Industrial Average .DJI rose 554.98 points, or 2.06%, to 27,480.03, the S&P 500 .SPX gained 58.92 points, or 1.78%, to 3,369.16 and the Nasdaq Composite .IXIC added 202.96 points, or 1.85%, to11,160.57.
Democrat Joe Biden’s lead over Republican President Donald Trump in national opinion polls has raised expectations for a decisive outcome and a post-election stimulus package that would make good on Biden’s promises of infrastructure spending.
Some analysts said the market’s strong gains also reflected a rebound from a selloff last week, the biggest weekly percentage decline for the S&P 500 in over seven months.
On Election Night 2016, U.S. stock index futures plunged as it became apparent Trump could pull an upset victory against Democrat Hillary Clinton. The benchmark S&P 500 has since risen 55% as Trump’s lower tax rates boosted corporate profits and share buybacks.
Reference: Reuters, CNBC
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