Stocks rise as investors wait for a winner
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.
The price of crude oil jumped $3 to $88.71 in New York as reports suggested that superstorm Sandy caused a drop in gasoline supplies. That also helped lift stocks in petroleum refiners. Tesoro Corp and Phillips 66 each rose 5 percent.
In the market for government bonds, the yield on the benchmark 10-year U.S. Treasury note rose to 1.75 percent. That's up from 1.68 percent late Monday.
Even with the surge Tuesday, it remained a quieter Election Day for the stock market than last time.
On Nov. 4, 2008, the Dow shot up 305 points, easily the biggest Election Day rally of all time. Investors expected a victory for Barack Obama.
On Election Day 2004, the prospect of a close election led to a late sell-off, and the Dow finished down 18 points, snapping a five-day winning streak. John Kerry didn't concede until the following day.
Among other stocks making big moves Tuesday:
• Weight-loss company Medifast rose $2.29 to $29.11 after reporting that its quarterly earnings increased more than 40 percent as expenses fell.
• Express Scripts sank $7.73 to $55.15. The pharmacy benefits manager warned that persistently high unemployment and economic uncertainty would hurt its business next year.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Steelers film session: Harrison on the field often
- Steelers are vowing to fix the costly penalties, lack of self-discipline
- Mental health facility won’t take Franklin Regional stabbing suspect as patient
- Prosecutors float possibility of jail time for former Justice Melvin
- Body found in Allegheny River near Clemente Bridge
- 20 improbable Pirates wins in 2014
- Charter school founder’s court hearing must remain open
- Fundraising under way for Indiana County newborn struck by stray bullet
- Healthy again, Penguins’ Dupuis eager for game action
- Gunfire plagues New Kensington
- Crafton men attacked in their home