US stocks rally as US elects president
Publish date: Wed, 07 Nov 2012, 07:45 AM
NEW YORK: US stocks closed with solid gains Tuesday as the country went to the polls to choose between Barack Obama and Mitt Romney for president, with the economy the key issue in the tight election.
The Dow Jones Industrial Average added 133.24 points (1.02 percent), closing at 13,245.68.
The broad-based SandP 500 rose 11.13 (0.79 percent) to 1,428.39, while the Nasdaq Composite climbed 12.27 (0.41 percent) to 3,011.93.
Wall Street has been more behind the president's Republican challenger Romney, who supports low investment-related taxes.
But most in the business world want a clear decision that will allow the government to move on fixing the extremely austere "fiscal cliff" legislation that comes into play at year-end.
"The presidential race is considered too close to call. That probably means the nation is in store for a long night of political intrigue," said Patrick O'Hare of Briefing.com.
"Let's hope, however, that by this time tomorrow we at least know who has been elected president. There is a risk that we won't and that won't be a good thing."
Hewlett-Packard led Dow gainers, up 2.8 percent, followed by United Technologies, up 2.7 percent.
Charles Schwab and Co. analysts underlined a sharp rally in oil prices that stoked buying. "The bulls found some support from energy issues as crude oil prices rallied," they said.
Dow oil giant members Chevron and ExxonMobil each added 1.1 percent.
Drugstore chain and pharmacy benefits manager CVS Caremark fell 0.5 percent after turning in a better than expected 16 percent rise in third-quarter profits.
Rival benefits manager Express Scripts sank 12.3 percent pushed by CVS's claim that it had picked up a large number of customers after Express Scripts fell out with drugstore chain Walgreens early in the year.
Zillow, the online real-estate information company, plunged 18.1 percent after reporting a better-than-expected profit for the third quarter but forecasting fourth-quarter revenue below estimates.
AOL soared 22 percent after the struggling Internet firm stemmed a seven-year decline in revenues in the third quarter and earnings topped expectations.
On the Nasdaq, Apple fell 0.3 percent. -- AFP
The Dow Jones Industrial Average added 133.24 points (1.02 percent), closing at 13,245.68.
The broad-based SandP 500 rose 11.13 (0.79 percent) to 1,428.39, while the Nasdaq Composite climbed 12.27 (0.41 percent) to 3,011.93.
Wall Street has been more behind the president's Republican challenger Romney, who supports low investment-related taxes.
But most in the business world want a clear decision that will allow the government to move on fixing the extremely austere "fiscal cliff" legislation that comes into play at year-end.
"The presidential race is considered too close to call. That probably means the nation is in store for a long night of political intrigue," said Patrick O'Hare of Briefing.com.
"Let's hope, however, that by this time tomorrow we at least know who has been elected president. There is a risk that we won't and that won't be a good thing."
Hewlett-Packard led Dow gainers, up 2.8 percent, followed by United Technologies, up 2.7 percent.
Charles Schwab and Co. analysts underlined a sharp rally in oil prices that stoked buying. "The bulls found some support from energy issues as crude oil prices rallied," they said.
Dow oil giant members Chevron and ExxonMobil each added 1.1 percent.
Drugstore chain and pharmacy benefits manager CVS Caremark fell 0.5 percent after turning in a better than expected 16 percent rise in third-quarter profits.
Rival benefits manager Express Scripts sank 12.3 percent pushed by CVS's claim that it had picked up a large number of customers after Express Scripts fell out with drugstore chain Walgreens early in the year.
Zillow, the online real-estate information company, plunged 18.1 percent after reporting a better-than-expected profit for the third quarter but forecasting fourth-quarter revenue below estimates.
AOL soared 22 percent after the struggling Internet firm stemmed a seven-year decline in revenues in the third quarter and earnings topped expectations.
On the Nasdaq, Apple fell 0.3 percent. -- AFP
Discussions
Be the first to like this. Showing 12 of 12 comments
Time is running short to Avert fiscal cliff, when presidential office opens in January 2013.There will be a lot of debates on what to cut and what not to spare as the clock keeps ticking! All in about $650 billion of cuts is expected to be executed automatically -unless the congress is ready to act !If not , us could reel back into a recession as many us economists had predicted-as the cuts on spending and raising taxes reduces GDP by about 4%.European countries counterparts were beginning to sense that the 'pathogens' could be spreading elsewhere if the fiscal clif is not stopped!
2012-11-07 08:45
I think this is even updated than cnn you can check here if you understand chinese
http://news.ifeng.com/world/special/usa2012/kaipiao.shtml
2012-11-07 09:18
ya,that is true.... that one snowflake provide is much more updated compare to cnn 1...
2012-11-07 09:29
US presidential election is like a grand party, where the supporters from each camp can freely show their support on the streets, at the parks, next to each other.
There is no hatred among people just because one is supporting a different party than other. Candidates talk about their plan on how to build the nation - and not negative personal attack on each other.
In my opinion, this is a true demonstration of matured democracy and free election to the rest of the world.
2012-11-07 09:57
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