Stocks build atop Monday’s rally; Dow up more than 400 points on Election Day

Stocks jumped on Tuesday, Election Day in the U.S.A., as investors hoped for clarity from the U.S. presidential election and that a delayed, or contested, result would be avoided.

Fred Imbert and Maggie Fitzgerald for CNBC:

Dow up more than 400 points on Election DayThe Dow Jones Industrial Average traded 424 points higher, or 1.6%. The S&P 500 gained 1.2% and the Nasdaq Composite advanced 0.8%.

“Ultimately, the markets want clarity, and the main threat to risk assets this week is the emergence of a contested election, so if races are tight enough for campaigns to sue to halt or extend recounts, expect a reversal of this morning’s rally,” Tom Essaye, founder of The Sevens Report, wrote in a note.

“As the election finally nears, investors who were selling on the rumor may now be buying on the news, and finally, after almost a 10% decline in the last month, buying on the dip is back,” Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC.

Stocks also got a boost after manufacturing activity in October jumped to its highest level in more than two years, pointing to a resilient economy in the face of the coronavirus. The ISM Manufacturing PMI rose to 59.3, a reading that indicates the percentage of companies reporting that activity expanded during the month.

MacDailyNews Note: Apple is up +$1.44 (+1.32%), to $110.21.

17 Comments

  1. Many Dems, horribly misled by the corrupt MSM, are going to require medical and mental health assistance later today when Trump’s win becomes obvious. The sheer magnitude of the President’s win may trigger a collective stroke for those on the left.

    America wins today!

    1. trump is a criminal and a con man.

      everything he says is a lie.

      for whatever reason, you don’t realize that, and have gotten sucked into his con.

      good luck withdrawing from his con, or clinging onto it if you prefer I suppose, as the world flushes trump down the toilet.

      1. Biden is a criminal. Everything he doesn’t say is a lie. He hasn’t answered a real question in months. China? Ukraine? Money laundered via Hunty and other relatives. His silence is telling, isn’t it.

        1. not true – those are trump’s campaign lies.

          meanwhile, trump’s corruption, lies, nepotism, and criminality go beyond anything ever seen in another political candidate.

          at the same time, he’s an extraordinary con man, and has conned people such as yourself, who lack capacity to distinguish fact from fiction, into believing Biden is somehow guilty of his, trump’s, sins.

          1. Is the video of VP Biden bragging that he got the prosecutor looking into corruption at Burisma fired a campaign lie? Is Biden’s quid pro quo a Trump campaign lie? You know, the one where he threatened to withhold a billion in aid and investment until the Ukraine “replaced” the prosecutor… Wasn’t unqualified Hunter on the payroll at Burisma when Biden got the prosecutor fired? Is that a Trump campaign lie? No wonder the Dems got all hot and bothered over Trump’s call to the president of the Ukraine. Don’t want to go poking around in there. Might find something. Maybe Hunty’s laptop. Trump lies? Or Biden lies?

            1. You are confused about the facts.

              Trump is a great communicator, Biden, not so much.

              Trump is a con man, Biden, not so much.

              Trump says it, you believe it.

              You are parroting his lies, and ignorant of his deep, well-documented corruption and criminality, because he has conned you.

              You have been conned by a con man.

            2. Slight correction: Biden was bragging about replacing the prosecutor with one who would investigate Burisma. The guy who got fired had angered the US, EU, and IMF by refusing to prosecute the oligarchs, including those behind Burisma. Biden was acting at their request. If Hunter had offered any input, it would certainly have been to leave the guy in place who had already dropped his investigation of Burisma.

              And yes, the notion that fighting corruption was somehow corrupt is a Trump campaign lie. Using US taxpayer resources to support that lie was itself corrupt and richly deserved impeachment.

          2. Yeah, the Dems hid their silly impeachment attempt in the basement, didn’t allow Reps to speak or ask questions, never released the transcripts from their secret basement proceedings, selectively leaked quotes to the press. Sure, I’ll trust and vote for Dems today. Yeah right

  2. I wonder how the market is doing in Venezuela, Cuba, Somalia? Oh.. that’s right A) nobody cares and B) not very well. Gee, the US sure is a crap place to live in luxury, freedom and opportunity. I think we should cancel capitalism. I will call my local Antifa office to see which peaceful protest I can join… I understand that all I need is a MAGA hat or US flag and I can join their post election “activities.”

  3. Just think of the Uptick in stock prices when they see how much rebuilding will need to be done after the country explodes tonight and tomorrow. Welcome to the Divided States of America (DSA).
    I’d be shorting Insurance Companies if I was in the market.

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