The Dow Jones Industrial Average (DJI) spent the session comfortably higher, notching a triple-digit victory by the closing bell. "Although volume has been relatively light, we enjoyed a pretty nice Election Day rally," said Schaeffer's Senior Equity Analyst Joe Bell. "This reminds me of four years ago, when we also had a strong, positive move on Election Day. Overall, we're seeing a lot of strength from crude oil, gold, and other commodities, especially as the dollar displayed quite a bit of weakness."
The Dow blazed a trail higher right out of the gate today, topping out at 13,290.75 around midday. The bullish momentum waned just slightly in the final hour of trading, though, with the blue-chip barometer paring its lead. Today marks just the second close north of 13,200 since Oct. 22 for the Dow.
The S&P 500 Index (SPX) also spent the day in the black, ending north of its 20-day moving average for the first time since Oct. 18. Meanwhile, the Nasdaq Composite (COMP) ended with a slimmer victory, but retook its perch atop the 3,000 marker.
The CBOE Market Volatility Index (VIX) pared a portion of Monday's gains, surrendering roughly 4% to end back beneath its 200-day trendline.
Today's highlight: "We can try to focus on the stock market all we want, but today is all about politics and one of the most anticipated -- and close -- presidential elections in years," said Bell. "There's a lot of uncertainty surrounding this event, but this day only comes around every four years. All eyes will be glued to the television tonight."
More of today's big stories:
And, in case you missed it ... Our own Bernie Schaeffer offered his two cents on the short-term prospects of the SPDR S&P 500 ETF Trust (SPY).
For today's activity in commodities, options, and more, head to page 2.
The Case for Big Moves in IWM and QQQ
Featured Partners: AOL DailyFinance
© 2014 Schaeffer's Investment Research, Inc. 5151 Pfeiffer Road, Suite 250, Cincinnati, Ohio 45242
Phone: (800) 448-2080 FAX: (513) 589-3810 Int'l Callers: (513) 589-3800 Email: firstname.lastname@example.org
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
Market Data provided by QuoteMedia.com | Data delayed 15-20 minutes unless otherwise indicated.