Stocks Surge As Traders Anticipate Yearend Rally

Associated Press

Transcript

[Music] stocks rallied yet again Tuesday just hours before America elects its next president investors brushed off weak economic data on Factory orders and propelled the Dow Jones Industrials up more than 300 points to its highest close in four weeks I think investors are just trying to get the jump on the postelection period Tuesday brought the biggest ever election day rally for the Dow topping the 1.2% gain seen in 1984 when Ronald Reagan defeated Walter and while Traders appeared confident the worst of October selloff was behind the outcome of the election is weighing heavily on the weeks ahead what's interesting is that the market has performed better under Democrats than under Republicans going back to 1945 uh the market has posted an average increase of about 10 a half% per year under Democrats but only about 6 and a half% per year under Republicans the Dow Jones Industrials ended the day up 305 points to 9625 the standard and Po's 500 Index added 39 points to 1,6 and the NASDAQ ended 54 points higher at 1780 while some analysts believe the markets rose on relief the presidential election was about to be over others said investors were anticipating a year-end rally and buying in to be sure they did not miss out on its start Mark hamri the Associated Press

Dow up 305 on election day; factory orders drop 2.5%

CBS

Transcript

Wall Street had one of its biggest election day rallies in decades the Dow Jones Industrial Average shot up 305 points the Nasdaq Composite climbed nearly 50 for now investors want to know who the next president is going to be who wins isn't as important as getting the uncertainty of the election over and pulling the economy out of this financial crisis but the real question will be how quickly a transition gets into place to face this financial problem some encouraging news for investors key lending rate fell to the lowest level in five months indicating banks are more willing to approve loans investors brushed off yet another downbeat economic report factory orders dropped a larger than expected two and a half percent in September manufacturing activity is at its lowest level in 26 years the price of oil shot up moving over at seventy dollars a barrel but prices at the pump continue to fall triple-a says the average for a gallon of regular unleaded is 239 that is down a dollar 13 cents from a month ago that's your money watch log on to cbsnews.com for more business headlines in New York I'm Alexis Christopher asst