Dow climbs 580 points as Americans head into Election Day
- US stocks surged on Tuesday as Americans headed to the polls to vote for the next president of the United States.
- The election has represented a sizable overhang for investors over the past few months, as the outcome could have wide-ranging implications for the stock market.
- One Wall Street strategist said a swift resolution of Tuesday's election would remove a bout of investor uncertainty that could power stocks higher into year-end.
- Watch major indexes update live here.
US stocks surged on Tuesday, adding to Monday's gains, as Americans headed to the polls to vote for the next president of the United States.
The resolution of the election will remove a large overhang of uncertainty that investors have faced since the summer, as the outcome could have wide-ranging implications for the stock market.
From political gridlock to fiscal stimulus and infrastructure deals worth trillions of dollars, the outcome could set the stage for further gains, according to BlackRock, the world's largest asset manager.
Here's where US indexes stood at 10:15 a.m. ET on Tuesday:
- S&P 500: 3,373.31, up 1.9%
- Dow Jones industrial average: 27,488.49, up 2.1% (584 points)
- Nasdaq composite: 11,147.84, up 1.8%
Fundstrat's Tom Lee said in a note to clients on Tuesday that stocks would rally no matter the outcome, because any resolution will remove uncertainty for investors.
If Joe Biden, the Democratic nominee, wins, Lee expects a 10% rally, while a surprise win for President Donald Trump could jolt stocks 15% to 17% higher.
And even a contested election could result in a 5% to 7% rally, Lee said, as it would raise the odds that Congress will enact a fiscal stimulus deal and that the Fed will intervene with more easing of monetary policies.
Ant Financial Group's highly anticipated initial public offering was put on hold a day after Alibaba's Jack Ma met with Chinese regulators. The Ant IPO was set to be the largest debut of a public company, with a raise of $34.5 billion.
Oil climbed by the most in nearly a month on Tuesday after OPEC+ members considered delaying an ease of oil-production cuts early next year. A slower rebound in demand for oil was among the considerations of the OPEC+ members, as air travel and consumer behavior have not bounced back to pre-pandemic levels.
West Texas Intermediate crude rose as much as 4.1%, to $38.30 per barrel. Brent crude, oil's international benchmark, jumped 3.8%, to $40.45 per barrel, at intraday highs.
Gold traded higher on Tuesday, rising as much as 0.7%, to $1,908.14 per ounce.