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The close: Dow, S&P 500 surge on election day

Going along with the crowd and jumping on popular stocks often means buying high and selling low.<137>Traders crowd the post that handles Visa on the floor of the New York Stock Exchange, Friday June 27, 2008. Wall Street has suffered another big loss, with the Dow Jones industrials falling more than 100 points amid worries about high oil prices and further fallout from the credit crisis. (AP Photo/Richard Drew)<137>

Richard Drew/AP

U.S. stocks turned in impressive gains on Tuesday, as Americans headed to the polls in presidential elections – promising to end one of the key sources of uncertainty hanging over markets, even as the election continues to look like a close race between Barack Obama and Mitt Romney.

The Dow Jones industrial average closed at 13,245.68, up 133.24 points or 1 per cent. The broader S&P 500 closed at 1428.39, up 11.13 points or 0.8 per cent. In Canada, the S&P/TSX composite index closed at 12,361.20, up 8.42 points or less than 0.1 per cent.

Investors showed a clear preference for economically sensitive stocks, especially within the U.S. benchmark index: Energy stocks, financials, industrials and materials led the gains.

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Among some of the bigger moves, Boeing Co. rose 2.3 per cent, Bank of America Corp. rose 2 per cent and Caterpillar Inc. rose 1.5 per cent.

Commodity prices showed big moves. Gold rose to $1,715 (U.S.) an ounce, up $31.80, just days after touching its lowest level since the end of August.

Crude oil rose to $88.71 a barrel, up $3.06, for its biggest percentage move in about a month.

Most Canadian large commodity producers lagged these gains, though. Barrick Gold Corp. rose 0.8 per cent, Goldcorp Inc. rose 1.1 per cent, Suncor Energy Inc. rose 0.4 per cent and Canadian Oil Sands Ltd. rose 0.5 per cent.

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About the Author
Investing Reporter

David Berman has been writing about business and investing since 1995. He has written for a number of magazines, including Canadian Business and MoneySense. He worked at the Financial Post as an investing writer and daily columnist before moving to the Globe and Mail in 2008. More

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