Wall Street staged one of the largest rallies in the stock market's 188-year history in response to Ronald Reagan's overwhelming victory over President Carter. The Dow Jones industrial average was up 18.60 points to 955.80 by 3:00 p.m. It had been up nearly 30 points earlier. Demand for stocks was so great that scores of issues were delayed in opening because of an influx of orders and the exchange high-speed transaction tape ran up to 50 minutes late.
Oil stocks were among the pacesetters. Analysts said this was because investors believe Mr. Reagan will give the industry a freer hand in developing and exploring energy sources. Defense issues were also in demand because investors feel Reagan will concentrate more on defense than President Carter did.
The Reagan victory also touched off a sharp rally in the dollar in Europe and Tokyo, driving it up against major continental units and the yen.