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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Top Stories Full Coverage Most Popular Photos Search Search: US, European stocks rally as US vote stirs relief hopes AFP - 2 hours 33 minutes ago NEW YORK (AFP) - - Wall Street and European stocks rallied as Americans voted Tuesday, with investors hoping that a new president will bring relief from the global financial crisis. The Dow Jones Industrial Average surged 305.45 points (3.28 percent) to 9,625.28 and the tech-heavy Nasdaq added 53.79 points (3.12 percent) to 1,780.12, the first time it has closed higher for six straight sessions all year. The Standard & Poor's 500 index gained a whopping 39.45 points (4.08 percent) to finish at 1,005.75, breaking above 1,000 for the first time since October 13. Market action came on positive results in many global bourses amid hope the next US president will provide new impetus to action to unblock frozen credit markets and kick-start faltering economies. In the historic US election, front-runner Democrat Barack Obama is seeking to become the first black president and his Republican rival John McCain hopes for an 11th-hour comeback that would defy public opinion polls. More than 100 million people were expected to trek to the polls, while 30 million advance ballots have been cast in the state-by-state electoral battle. The rally "is being driven primarily by the understanding that today is Election Day," said Patrick O'Hare at Briefing.com. "It's not a bid, though, rooted in the expectation that one candidate will prevail over the other. Rather, it's a bid rooted in the understanding that there will finally be clarity on the matter." Analysts at Charles Schwab & Co. also noted "a general sense of relief" that the presidential and Congressional elections would help remove some of the uncertainty hanging over Wall Street amid the financial turmoil. "Talk that the Treasury's rescue plan may be broadened, more overseas monetary actions and growing signs that October's swoon in stocks was overdone are also supporting sentiment and fueling the advance," they wrote in a client note. Bob Dickey at RBC Wealth Management said the market seems to have found some footing after the brutal declines in recent months. "It really does look like the market is turning the corner for the better, and the election period could do even more to bolster the bullish case, no matter who wins," he said. "The market reaction will depend on the decisiveness of the victories for the presidency, and equally as important, the House (of Representatives) and Senate," said David Keeble, Global Head of Interest Rate Strategy at Calyon. "We think a decisive win in the Senate for the Democrats ... as well as a win for Senator Obama ... would boost risk appetite," he said. "This outcome would potentially pave the way for another sizeable fiscal package which would be pushed through rather quickly relative to the (700 billion dollar TARP) bailout plan, for instance." At the close in Europe, London's FTSE 100 index of leading shares was up 4.42 percent at 4,639.50, the CAC 40 in Paris advanced 4.62 percent to 3,691.09 and in Frankfurt the DAX gained 5.0 percent to 5,278.04. Trading earlier Tuesday in Asia was mixed. Tokyo jumped more than six percent, boosted by a weaker yen and following the market closure Monday for a public holiday. The gains in Europe came despite negative earnings news from British retailer Marks and Spencer, banking giant Royal Bank of Scotland, German luxury car maker BMW, Swiss temp agency Adecco and Swiss Re, the world's biggest reinsurer. Dealers said investors were betting that the winner of Tuesday's US vote would take additional steps to tackle a looming recession in the United States, the world's largest economy. "All eyes will be on the US presidential election today, even though a win by Obama is widely expected and probably well discounted by financial markets," said Barclays Capital analyst Rodrigo Guimaraes. "We think an Obama victory ... is likely to lead to more expansive fiscal policy and a more protectionist-minded White House. "But in the short-term, an Obama victory, combined with a strong majority in the Senate ... will enable Washington to respond more proactively on the management of the financial crisis," Guimaraes said. Central bankers meanwhile continued their efforts to restore stability to world markets and stop the global economy slipping into a long downturn. The Reserve Bank of Australia slashed its key lending rate by a bigger-than-expected 75 basis points. The European Central Bank and the Bank of England were expected to lower rates by a half point on Thursday. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Most Popular – Top Stories Viewed Americans flock to vote in historic elections Foods to prevent disease? DNA tests confirm death of millionaire flyer Steve Fossett Obama's grandmother, family 'rock', dies on election eve Australia anxious as Indonesia prepares to execute Bali bombers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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