US stocks open higher in Election Day session

Democrats and Republicans in Washington are in the final two weeks of negotiations before the November 3 presidential election on new spending measures to boost the US economy after the coronavirus pandemic caused grievous damage earlier in the year.
Democrats and Republicans in Washington are in the final two weeks of negotiations before the November 3 presidential election on new spending measures to boost the US economy after the coronavirus pandemic caused grievous damage earlier in the year.
Bloomberg Creative

Wall Street stocks rose early Tuesday, extending gains from the prior session, as voters headed to the polls in the culmination of a long and bitter US presidential campaign.

About 10 minutes into trading, the Dow Jones Industrial Average stood at 27 275.22, up 1.3%.

The broad-based S&P 500 gained 1.0% to 3 344.23, while the tech-rich Nasdaq Composite Index climbed 0.6% to 11 027.65.

Political commentators have warned that the outcome of the race between President Donald Trump and former Vice President Joe Biden may not be clear tonight or even on Wednesday, depending on trends across key swing states and the speed with which votes, absentee ballots and mail-in ballots can be counted.

Polls give Biden an advantage, but there is also a chance Trump could pull out an upset win as he did in 2016.

Monday's session came after Wall Street stocks suffered their worst week and month since March amid worries over rising coronavirus cases, new quarantines in Europe, the failure of Congress to enact stimulus spending and anxiety over possible election-related civil unrest in the United States.

"The rebound bid will persist at today's open, and there is enough political spin right now to make a case from any angle as to why the market now seems to be in a good mood despite not knowing anything specific about the election outcome," said Briefing.com analyst Patrick O'Hare.

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