Wall Street soars in biggest election day rally since 1984

November 5th, 2008 - 7:34 am ICT by IANS  

New York, Nov 5 (DPA) As millions voted to choose a new US president, stocks soared Tuesday in the largest presidential election day rally since 1984, with the Dow gaining more than 300 points.Market confidence increased as energy and banking shares rose, and amid speculation that the US Treasury would bail-out more financial companies.

“The market has come to the conclusion that Armageddon is off the table,” Philip Orlando, chief equity strategist at Federated Investors Inc in New York, told Bloomberg financial news agency.

“The elimination of the uncertainty of the campaign typically results in an end-of-the year rally, and you’re starting to see that today (Tuesday).”

General Electric climbed 7.6 percent, while the world’s biggest oil company Exxon Mobil rose 4.3 percent and the second-largest US energy company was up 6.1 percent.

The blue-chip Dow Jones Industrial Average soared 305.45 points, or 3.28 percent, to 9,625.28. The broader Standard & Poor’s 500 Index was up 39.45 points, or 4.08 percent, to 1,005.75. The technology-heavy Nasdaq Composite Index gained 53.79 points, or 3.12 percent, to 1,780.12.

The dollar rose against the Japanese currency to 99.699 yen from 99.244 yen Monday. The dollar dipped against the euro to 76.863 euro cents from 79.233 euro cents Monday.

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