DJIA, stock futures rise; voters head to the polls

DJIA, stock futures rise; voters head to the polls

Thirty minutes prior to the opening bell, stock futures are up across all of the major stock indexes. The DJIA futures are up 30 points to 13,083.00, NASDAQ futures are up 9.50 points to 2,671.75 and S&P futures are up 4.80 points to 1,416.80. Rising stock futures may be a sign that investors are welcoming the end of […]

Thirty minutes prior to the opening bell, stock futures are up across all of the major stock indexes. The DJIA futures are up 30 points to 13,083.00, NASDAQ futures are up 9.50 points to 2,671.75 and S&P futures are up 4.80 points to 1,416.80.

Rising stock futures may be a sign that investors are welcoming the end of the 2012 presidential election, as voters head to the polls to select the next president of the United States this morning. Walter Hamilton, Chad Terhune and E. Scott Reckard of The Los Angeles Times note that the DJIA, NASDAQ and S&P are likely to rise regardless of who wins the presidential election.

“Come Wednesday morning, Wall Street is really going to have one collective sigh of relief because a lot of the uncertainty overhanging the markets should be lifted,” said Jack Ablin, chief investment officer at BMO Private Bank in Chicago, according to the newspaper.

However, the authors point out that stock markets have risen more during Democratic administration than Republican administrations.

Despite this evidence, compiled by the chief equity strategist at S&P Capital IQ, Republican vice presidential candidate Mitt Romney is extremely popular with Wall Street investors.

CNN Money contends that the outcome of the presidential election will impact how Congress deals with the “fiscal cliff” of tax hikes and spending cuts that goes into effect in January. The contentious nature of the 2011 debt ceiling debate led to the downgrading of the U.S.’s AAA credit rating, which sent stocks tumbling.

The stock market finished higher Monday as investors awaited the outcome of the U.S. presidential election. The DJIA gained 0.1 percent, the S&P 500 added 0.2 percent and the NASDAQ climbed 0.6 percent.

In other financial news, CNN Money reports that Greek lawmakers will meet this week to vote on reforms designed to secure financial support for the cash-strapped country and the European Central Bank meets at the end of the week for a policy discussion.

 

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