After a mixed start to the week, U.S. stocks surged on Tuesday in anticipation of the results of the US presidential elections. All major indexes—Dow Jones Industrial Average, S&P 500, and Nasdaq Composite—notched wins.
After losing 200 points on Monday, the Dow Jones bounced back on Tuesday with a 1.02% or 427.28 points gain. The blue-chip index closed at 42,221.88 points. Its biggest gainers were chipmaker Intel (4.46%), engineering equipment maker Caterpillar (2.34%), and financial services corporation American Express (1.75%).
The benchmark S&P 500 had its best day since mid-September, recording a gain of 1.23% or 70.07 points to close at 5,782.76. Its top gainers for the session were data analytics company Palantir (23.47%), engines and generators firm Cummins (8.86%), and engineering services company Emerson Electric (7.16%).
Tech-heavy Nasdaq was the biggest winner of the day, closing at 18,439.17 points after 259.19 or 1.43% gain. GLOBALFOUNDRIES, Super Micro Computer, and Vertex Pharmaceuticals led the way with gains of 14.88%, 6.42%, and 5.73%, respectively.
The stocks are expected to embark on a prolonged rally, considering that the stock market historically surges in months after the elections. However, a short-time market volatility is expected in case the results are not immediately known.