U.S. stocks close broadly higher

first_imgInvestors remained in a buying mood on Election Day, sending U.S. stocks broadly higher and building on big gains from a day earlier.Safe-play stocks such as utilities and phone companies were among the biggest gainers Tuesday. Energy companies were essentially flat.Investors focused on the U.S. presidential election, which rattled financial markets in recent weeks as polls between Hillary Clinton and Donald Trump tightened.Wall Street has largely seen Clinton as more likely to maintain the status quo, while viewing Trump’s polices as less clear. Tuesday’s rally, coupled with Monday’s market gains, which marked the end of a nine-day losing streak and the best day for stocks since March, suggest the market anticipated a Clinton win.“The market has been looking for the status quo result, and the polling in the last couple of days shows that result is a good likelihood,” said Mike Baele, senior portfolio manager at the Private Client Reserve at U.S. Bank. “That’s the reason why the market is bouncing here.”The Dow Jones industrial average rose 73.14 points, or 0.4 percent, to 18,332.74. The average was briefly up as much as 140 points. The Standard & Poor’s 500 index gained 8.04 points, or 0.4 percent, to 2,139.56. The Nasdaq composite index added 27.32 points, or 0.5 percent, to 5,193.49.last_img

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