Stocks climb as investors wait on election results
by Matthew Craft
Associated Press Writer
November 07, 2012 12:31 AM | 533 views | 0 0 comments | 5 5 recommendations | email to a friend | print
NEW YORK — Major stock-market indexes climbed Tuesday as investors waited for the finish of a closely fought U.S. presidential election.

“We’re on pins and needles,” said Phil Orlando, chief equity strategist at Federated Investors, a money management firm. Orlando, who backs Republican Mitt Romney, said he thought the stock-market’s gains reflected optimism that Romney could win.

The Dow Jones industrial average rose 133.24 points to close at 13,245.68.

Companies that investors believe would benefit under a potential Romney administration surged ahead. They included United Technologies and Boeing, which do substantial business with the Defense Department.

Four financial companies — Travelers, American Express, JPMorgan Chase and Bank of America — ranked among the 10 biggest gainers in the 30-stock Dow average.

Other investors say that they simply want the election behind them. That will allow Wall Street and Congress to shift their attention to the so-called fiscal cliff, a package of tax increases and government spending cuts scheduled to take effect Jan. 1.

In other trading Tuesday, the Standard & Poor’s 500 index rose 11.13 points to 1,428.39, while the Nasdaq composite index gained 12.27 points to 3,011.93.
Comments
(0)
Comments-icon Post a Comment
No Comments Yet
*We welcome your comments on the stories and issues of the day and seek to provide a forum for the community to voice opinions. All comments are subject to moderator approval before being made visible on the website but are not edited. The use of profanity, obscene and vulgar language, hate speech, and racial slurs is strictly prohibited. Advertisements, promotions, spam, and links to outside websites will also be rejected. Please read our terms of service for full guides