Wall Street rallies as America votes

Wall Street rallies as America votes


New York: Wall Street staged a powerful rally as Americans voted Tuesday, with investors hoping that a new president will bring relief from the global financial crisis.

The Dow Jones Industrial Average surged 303.14 points (3.25%) to 9,622.97 at the market close and the tech-heavy Nasdaq added 52.69 points (3.05%) to 1,779.02.

The broad-market Standard & Poor’s 500 index gained 38.67 points (4%) to 1,004.97, according to preliminary closing figures.

Market action came on positive results in many global bourses amid hope the next US president will give new impetus to action to unblock frozen credit markets and stimulate faltering economic growth.

In the historic US election, front-runner Democrat Barack Obama is seeking to become the first black president and his Republican rival John McCain hopes for a poll-defying comeback.

The rally “is being driven primarily by the understanding that today is Election Day," said Patrick O’Hare at Briefing.com.

“It’s not a bid, though, rooted in the expectation that one candidate will prevail over the other. Rather, it’s a bid rooted in the understanding that there will finally be clarity on the matter."