Wall Street rallies ahead of US election

November 4, 2008 17:03


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Wall Street was enjoying an Election Day rally in early trading Tuesday as investors looked forward to putting the uncertainty of the presidential voting behind them. Analysts generally do not believe that one candidate will boost the beaten down market more than the other. In fact, they predict that stocks are headed for a recovery no matter who is elected, as the policies of both John McCain and Barack Obama will likely be guided by the weak economy and the recent flood of government support designed to keep the global financial system from collapsing. Still, investors are anxious to return the focus on fundamentals. Among the economic data to be released Tuesday, the Commerce Department was reporting factory orders for the month of September at 10 a.m. Eastern time (1500 GMT). The data are expected to show a second straight monthly drop. In the first hour of trading, the Dow Jones industrial average rose 172.04, or 1.85 percent, to 9,491.87. Other major indexes also rose. The Standard & Poor's 500 index gained 18.58, or 1.92 percent, to 984.88, while the Nasdaq composite index rose 22.58, or 1.31 percent, to 1,748.91.

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