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Tue 4 Nov, 2008 09:38 am
NEW YORK (MarketWatch) - U.S. stocks opened solidly higher on Tuesday as voters chose between Republican John McCain and Democrat Barack Obama for president, and some analysts said bad corporate and economic news has been largely priced into the market.
Chart of $INDU
"Markets have seemingly priced in an Obama win today, and polls are pointed in a similar direction," said Art Hogan, chief market strategist at Jefferies & Co. The DOW is currently up 215;
@dyslexia,
Didn't you figure it out yet? The DOW always goes up on bad news.
@cjhsa,
This'll be a first...the first muslim socialist terrorist president.
LONDON " World markets pushed higher Tuesday as America went to the polls and a leading U.S. investment bank told its clients in Europe to buy stocks after the savaging they have taken in the last few weeks.
The Dow Jones index of leading U.S. shares was 203.66 points or 2.2 percent, higher at 9,523.49 even though analysts generally do not believe that one candidate will boost the beaten down market more than the other.
Britain's FTSE 100 index was 116.49 points, or 2.6 percent, higher at 4,559.77, while Germany's DAX was up 133.68 points, or 2.7 percent, at 5,160.52. France's CAC-40 was 92.30 points, or 2.6 percent, higher at 3,620.27.
Most Asian stock indexes were more or less flat, apart from Japan's Nikkei, which surged 537.62 points, or 6.3 percent, at 9,114.60 as the market played catch-up after being closed Monday, when most of Asia rose.
@dyslexia,
Without evidence, this particular explanation for the morning's rise in the DOW is nothing but a guess.
@dyslexia,
And, he will pay off all our mortgages and pay for our gas!
http://www.youtube.com/watch?v=P36x8rTb3jI
Praise be da lord!
@Brandon9000,
why Brandon you are quite correct, perhaps you can take the time to posit your guess.
NEW YORK " Wall Street enjoyed an Election Day rally Tuesday, surging as investors brushed off weak economic data and looked forward to putting the uncertainty of the presidential voting behind them. The Dow Jones industrial average soared more than 250 points, and the other major indexes rose well over 2 percent.
Matt King, chief investment officer of Oakland, Calif.-based Bell Investment Advisors, said investors are moving into the market in anticipation of the economy improving.
@dyslexia,
dyslexia wrote:
why Brandon you are quite correct, perhaps you can take the time to posit your guess.
No, thanks. I'm not stupid enough to present baseless guesses as to the movements of the financial markets.
@dyslexia,
Given the intraday market fluctuations we've seen in the past few months, 200, 300, or even 400 points in the Dow is almost a random movement. I'm suspecting an Obama win has been discounted at the market for at least a month. Market movements lately seem more related to how much charity a given industry is expected to receive than politics or economy.
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