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US stocks closed Tuesday’s trading session in a sea of green as Americans flocked to the polls on Election Day to decide whether Kamala Harris or Donald Trump will become the next president.
The tech-heavy Nasdaq Composite (^IXIC) led the gains, rising about 1.4% to secure its best day since early October. The benchmark S&P 500 (^GSPC) moved up roughly 1.2%, with the index nabbing its best session since Sept. 19. The Dow Jones Industrial Average (^DJI) jumped 1%, or more than 400 points, as stocks rebounded from a losing day.
Americans are heading to the polls with Harris and Trump running neck-and-neck after an intensely contested presidential race. Investors are buckling in for market volatility, as the outcome may not become clear for days, or even weeks, if the result is disputed.
Given the huge difference in the candidates’ stances on the economy, a long wait for a declared winner could inject more uncertainty into markets. But historically, while the lack of a clear victory has brought turbulence in the short term, it has rarely halted the long-term trend for gains.
The dollar (DX-Y.NB) retreated further on Tuesday as traders dialed back bets on a Trump win.
Meanwhile, the yield on the benchmark 10-year Treasury (^TNX) dropped 2 basis points to hover around 4.29%. It had moved as high as 4.36% earlier in the session before retreating by late afternoon.
Also dead ahead is the November policy decision from the Federal Reserve, which also has a lot at stake on Election Day. Chair Jerome Powell is overwhelmingly expected to bring in a 25 basis point rate cut at the end of the two-day meeting on Thursday.
In corporates, the bitter seven-week strike at Boeing (BA) has ended after factory workers voted for a new contract offering a 38% pay hike. The plane maker’s shares still nearly 3% after initially opening the day higher.
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