On Election Day, Stocks Close with Gains
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iStockphoto/Thinkstock(NEW YORK) — As Americans headed to the polls Tuesday, it appears the markets were bullish leading to gains for the session.
Industrial shares and energy seemed to push the Dow up 133 points to close at 13,245.68, a one percent jump. The Nasdaq gained 12 points to close at 3,011.93, and the S&P added 11 points, closing at 1,428.38.
As the election draws to a close, stocks may trade higher for a time as the element of uncertainty is removed, says one expert.
“Any time you take an element of uncertainty off the table, volatility comes down and the market tends to look higher,” Randy Frederick, managing director of active trading and derivatives at Charles Schwab, told the Wall Street Journal.
The price of oil rose more than $2 a barrel Tuesday the biggest one-day jump in a month.
The Labor Department says the nation’s employers posted fewer job openings in September after advertising more jobs in August than first estimated. Meanwhile, it may be hard to get a holiday job. Employment firm Challenger, Gray, and Christmas says hiring of temporary seasonal workers is up just slightly so far over last year.
Home prices jumped five percent in September over a year ago. The gain reported by CoreLogic is the largest year-over-year increase since July 2006.
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