Stocks rise as investors wait for a winner

Stocks climbed Tuesday as investors remained 'on pins and needles' for the results of the US presidential election. A jump in crude prices helped lift stocks in petroleum refiners.

Chip East/Reuters
A sign for Wall Street is seen with a giant American flag in the background across from the New York Stock Exchange November 5, 2012.

Major stock-market indexes climbed Tuesday as investors waited for the finish of a closely fought U.S. presidential election.

"We're on pins and needles," said Phil Orlando, chief equity strategist at Federated Investors, a money management firm. Orlando, who backs Republican Mitt Romney, said he thought the stock-market's gains reflected optimism that Romney could win.

The Dow Jones industrial average rose 133.24 points to close at 13,245.68.

Companies that investors believe would benefit under a potential Romney administration surged ahead. They included United Technologies and Boeing, which do substantial business with the Defense Department.

Four financial companies — Travelers, American Express, JPMorgan Chase and Bank of America — ranked among the 10 biggest gainers in the 30-stock Dow average.

Other investors say that they simply want the election behind them. That will allow Wall Street and Congress to shift their attention to the so-called fiscal cliff, a package of tax increases and government spending cuts scheduled to take effect Jan. 1.

In other trading Tuesday, the Standard & Poor's 500 index rose 11.13 points to 1,428.39, while the Nasdaq composite index gained 12.27 points to 3,011.93.

The price of crude oil jumped $3 to $88.71 a barrel in New York as reports suggested that Superstorm Sandy caused a drop in gasoline supplies. That also helped lift stocks in petroleum refiners. Tesoro Corp and Phillips 66 each rose 5 percent.

In the market for government bonds, the yield on the benchmark 10-year U.S. Treasury note rose to 1.75 percent. That's up from 1.68 percent late Monday.

Even with the surge Tuesday, it remained a quieter Election Day for the stock market than last time.

During the financial meltdown four years ago, big swings in the market became commonplace. On Nov. 4, 2008, the Dow shot up 305 points, easily the biggest Election Day rally of all time. Investors expected a victory for Barack Obama.

On Election Day 2004, the prospect of a close election led to a late sell-off, and the Dow finished down 18 points, snapping a five-day winning streak. John Kerry didn't concede to George W. Bush until the following day.

Among other stocks making big moves Tuesday:

— Weight-loss company Medifast rose $2.29 to $29.11 after reporting that its quarterly earnings increased more than 40 percent as expenses fell.

Express Scripts sank $7.73 to $55.15. The pharmacy benefits manager warned that persistently high unemployment and economic uncertainty would hurt its business next year.

NYSE Euronext fell $1.34 to $24.27. The parent company of the New York Stock Exchange reported Tuesday that its quarterly earnings fell by nearly half. A drop in the number of transactions it handles pulled down revenue.

You've read  of  free articles. Subscribe to continue.

Dear Reader,

About a year ago, I happened upon this statement about the Monitor in the Harvard Business Review – under the charming heading of “do things that don’t interest you”:

“Many things that end up” being meaningful, writes social scientist Joseph Grenny, “have come from conference workshops, articles, or online videos that began as a chore and ended with an insight. My work in Kenya, for example, was heavily influenced by a Christian Science Monitor article I had forced myself to read 10 years earlier. Sometimes, we call things ‘boring’ simply because they lie outside the box we are currently in.”

If you were to come up with a punchline to a joke about the Monitor, that would probably be it. We’re seen as being global, fair, insightful, and perhaps a bit too earnest. We’re the bran muffin of journalism.

But you know what? We change lives. And I’m going to argue that we change lives precisely because we force open that too-small box that most human beings think they live in.

The Monitor is a peculiar little publication that’s hard for the world to figure out. We’re run by a church, but we’re not only for church members and we’re not about converting people. We’re known as being fair even as the world becomes as polarized as at any time since the newspaper’s founding in 1908.

We have a mission beyond circulation, we want to bridge divides. We’re about kicking down the door of thought everywhere and saying, “You are bigger and more capable than you realize. And we can prove it.”

If you’re looking for bran muffin journalism, you can subscribe to the Monitor for $15. You’ll get the Monitor Weekly magazine, the Monitor Daily email, and unlimited access to CSMonitor.com.

QR Code to Stocks rise as investors wait for a winner
Read this article in
https://www.csmonitor.com/Business/Latest-News-Wires/2012/1106/Stocks-rise-as-investors-wait-for-a-winner
QR Code to Subscription page
Start your subscription today
https://www.csmonitor.com/subscribe