As America decides who their next President will be, US stocks have risen for a second day (File)
U.S. stocks advanced, with the S&P 500 Index posting its best two-day climb since June, as investors awaited election results amid a tight contest for president.
The S&P 500 rose 0.4 percent to 2,139.56 at 4 p.m. in New York, after erasing a 0.4 percent slide, to close at a two-week high. The gauge climbed as much as 0.7 percent. The Dow Jones Industrial Average added 73.14 points, or 0.4 percent, to 18,332.74, and the Nasdaq Composite Index climbed 0.5 percent. About 7 billion shares traded hands on U.S. exchanges, 6 percent more than the three-month average.
"There's still a relief rally occurring following yesterday's big gain," said Bill Schultz, who oversees $1.2 billion as chief investment officer of McQueen, Ball & Associates Inc. in Bethlehem, Pennsylvania. "Clinton represents less change, and positive news for her will be a positive for the market. Any uncertainty removed from an outlook is always good."
The main benchmark for U.S. equity continued to climb after surging the most in eight months yesterday. The FBI on Sunday reiterated that Hillary Clinton's controversial handling of her e-mails wasn't a crime, bolstering speculation on her chances for victory in the election. The CBOE Volatility Index edged higher today after halting on Monday its longest streak of gains ever.
A provider of real-time analysis of voter turnout estimates that Clinton has earned more early votes than Republican Donald Trump in battleground states including Florida, Iowa and Nevada. Analysis by Slate.com's Votecastr showed Trump trailing in Pennsylvania after holding an earlier lead.
Votecastr is using an unproven technique to deliver real-time updates on voter turnout in combination with polling done ahead of Election Day. The site says its information is not making a prediction on who will win any states.
Clinton and Trump have spent the past days campaigning in key states as polls showed the race had tightened. State-by-state surveys indicate a narrow lead for the Democratic candidate, while websites that take bets on the presidential victor show her odds of winning the White House are generally about 80 percent.
The S&P 500 is recovering from its lowest level since June, and on Tuesday touched its average prices during the past 50 and 100 days, after arresting a nine-day slide at its 200-day moving average. The benchmark has wandered in a roughly 100-point band since reaching a record in August as investors assessed the political landscape, corporate profits, economic data and the likelihood for higher interest rates. The index closed today just 2.3 percent from its all-time high.
"It's hard to really make too much of today's move," said Yousef Abbasi, a global market strategist at JonesTrading Institutional Services LLC. "We've lost a little bit of steam as energy has headed into the red, but people are still in the wait-and-see mode. We met resistance right at the 50-day and 100-day moving average, so technicals might be in play."
Speculation on Clinton's chances also helped bolster wagers on a Federal Reserve interest-rate increase next month. Data compiled by Bloomberg based on fed funds futures trading show an 86 percent probability of higher borrowing costs by year end, up from 76 percent on Friday.
"Put your seat belts on because this is going to be a bumpy ride," said Chad Morganlander, a Florham Park, New Jersey-based money manager at Stifel, Nicolaus & Co., which oversees about $172 billion. "As the polls close later today, investors will be moving in a chaotic fashion to get ahead of the information flow."
Amid the political drama, earnings season is winding down, with only a handful of S&P 500 members releasing Tuesday. Analysts now predict profit growth of 2.5 percent in the July-September period for the benchmark's constituents, reversing forecasts for a 1.6 percent decline at the start of the month. Retailers Macy's Inc., Kohl's Corp. and Nordstrom Inc. are due to report later this week.
Among shares moving Tuesday on earnings news:
Priceline Group Inc. added 6.6 percent, rising to a record after its earnings, excluding a writedown, exceeded estimates. CVS Health Corp. marked the worst drop in seven years after cutting its full-year adjusted earnings range. Hertz Global Holdings Inc. shares plummeted 23 percent, the most since 2008, after reporting a quarterly profit that badly trailed estimates and cut its annual earnings forecast. Valeant Pharmaceuticals International Inc. tumbled 22 percent as new management cut the company's profit forecast to well below predictions and suggested there may be more bad news on the way. Kindred Healthcare Inc. dropped to a 13-year low after also reducing its earnings outlook and saying it's exiting the skilled nursing facility business.
Elsewhere in today's trading, 10 of the S&P 500's 11 main industries rose, with utilities, phone and industrial companies increasing more than 0.5 percent. Energy producers were little changed as crude oil slipped. Freeport-McMoRan Inc. rallied 7.1 percent as copper futures touched a one-year high on speculation supply will tighten amid signs of stabilizing demand in China.
Mondelez International Inc. and Campbell Soup Co. jumped at least 3.2 percent after a report said Brazil's 3G Capital is seeking up to $10 billion for a new fund aimed at an acquisition in the consumer group. Kellogg Co. and General Mills Inc. added more than 2.6 percent.
© 2016 Bloomberg L.P
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
The S&P 500 rose 0.4 percent to 2,139.56 at 4 p.m. in New York, after erasing a 0.4 percent slide, to close at a two-week high. The gauge climbed as much as 0.7 percent. The Dow Jones Industrial Average added 73.14 points, or 0.4 percent, to 18,332.74, and the Nasdaq Composite Index climbed 0.5 percent. About 7 billion shares traded hands on U.S. exchanges, 6 percent more than the three-month average.
"There's still a relief rally occurring following yesterday's big gain," said Bill Schultz, who oversees $1.2 billion as chief investment officer of McQueen, Ball & Associates Inc. in Bethlehem, Pennsylvania. "Clinton represents less change, and positive news for her will be a positive for the market. Any uncertainty removed from an outlook is always good."
The main benchmark for U.S. equity continued to climb after surging the most in eight months yesterday. The FBI on Sunday reiterated that Hillary Clinton's controversial handling of her e-mails wasn't a crime, bolstering speculation on her chances for victory in the election. The CBOE Volatility Index edged higher today after halting on Monday its longest streak of gains ever.
A provider of real-time analysis of voter turnout estimates that Clinton has earned more early votes than Republican Donald Trump in battleground states including Florida, Iowa and Nevada. Analysis by Slate.com's Votecastr showed Trump trailing in Pennsylvania after holding an earlier lead.
Votecastr is using an unproven technique to deliver real-time updates on voter turnout in combination with polling done ahead of Election Day. The site says its information is not making a prediction on who will win any states.
Clinton and Trump have spent the past days campaigning in key states as polls showed the race had tightened. State-by-state surveys indicate a narrow lead for the Democratic candidate, while websites that take bets on the presidential victor show her odds of winning the White House are generally about 80 percent.
The S&P 500 is recovering from its lowest level since June, and on Tuesday touched its average prices during the past 50 and 100 days, after arresting a nine-day slide at its 200-day moving average. The benchmark has wandered in a roughly 100-point band since reaching a record in August as investors assessed the political landscape, corporate profits, economic data and the likelihood for higher interest rates. The index closed today just 2.3 percent from its all-time high.
"It's hard to really make too much of today's move," said Yousef Abbasi, a global market strategist at JonesTrading Institutional Services LLC. "We've lost a little bit of steam as energy has headed into the red, but people are still in the wait-and-see mode. We met resistance right at the 50-day and 100-day moving average, so technicals might be in play."
Speculation on Clinton's chances also helped bolster wagers on a Federal Reserve interest-rate increase next month. Data compiled by Bloomberg based on fed funds futures trading show an 86 percent probability of higher borrowing costs by year end, up from 76 percent on Friday.
"Put your seat belts on because this is going to be a bumpy ride," said Chad Morganlander, a Florham Park, New Jersey-based money manager at Stifel, Nicolaus & Co., which oversees about $172 billion. "As the polls close later today, investors will be moving in a chaotic fashion to get ahead of the information flow."
Amid the political drama, earnings season is winding down, with only a handful of S&P 500 members releasing Tuesday. Analysts now predict profit growth of 2.5 percent in the July-September period for the benchmark's constituents, reversing forecasts for a 1.6 percent decline at the start of the month. Retailers Macy's Inc., Kohl's Corp. and Nordstrom Inc. are due to report later this week.
Among shares moving Tuesday on earnings news:
Priceline Group Inc. added 6.6 percent, rising to a record after its earnings, excluding a writedown, exceeded estimates. CVS Health Corp. marked the worst drop in seven years after cutting its full-year adjusted earnings range. Hertz Global Holdings Inc. shares plummeted 23 percent, the most since 2008, after reporting a quarterly profit that badly trailed estimates and cut its annual earnings forecast. Valeant Pharmaceuticals International Inc. tumbled 22 percent as new management cut the company's profit forecast to well below predictions and suggested there may be more bad news on the way. Kindred Healthcare Inc. dropped to a 13-year low after also reducing its earnings outlook and saying it's exiting the skilled nursing facility business.
Elsewhere in today's trading, 10 of the S&P 500's 11 main industries rose, with utilities, phone and industrial companies increasing more than 0.5 percent. Energy producers were little changed as crude oil slipped. Freeport-McMoRan Inc. rallied 7.1 percent as copper futures touched a one-year high on speculation supply will tighten amid signs of stabilizing demand in China.
Mondelez International Inc. and Campbell Soup Co. jumped at least 3.2 percent after a report said Brazil's 3G Capital is seeking up to $10 billion for a new fund aimed at an acquisition in the consumer group. Kellogg Co. and General Mills Inc. added more than 2.6 percent.
© 2016 Bloomberg L.P
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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