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The S&P 500 rose solidly on Tuesday as traders awaited the results from a high-stakes U.S. presidential election.
The Dow Jones Industrials popped 308.02 points to 42,102.62.
The much broader index jumped 45.2 points to 5,757.89.
The S&P 500 is already up more than 19% year to date, an unusually strong run up ahead of an election, and is within 3% of its record high.
The NASDAQ gathered 161.79 points to 18,341,78.
The results could have a significant effect on where stocks end the year, but investors may want to brace for some near-term choppiness.
Data going back to 1980 suggests the major averages gain between Election Day and the end of the year, but typically fall in the session and week after. Uncertainty over the results could lead to even more shakiness in the market.
No clear election bets were emerging yet in stocks on Tuesday morning. Banks, which would stand to benefit from deregulation under GOP control, were higher but dramatically outperforming the broader market.
Shares of Nvidia rose 2%, but the chipmaker and bull market stalwart would appear to be insulated regardless of election outcome. Tesla rose more than 3%, though the electric car stock could be seen as benefiting from a Democratic victory or a Republican one, given CEO Elon Musk’s close ties to Trump.
On the earnings front, Palantir popped 16% on strong quarterly results and upbeat revenue guidance, while NXP Semiconductors fell 7% on a soft outlook due to macro concerns.
Prices for the 10-year Treasury swooned, springing yields to 4.36% from Monday’s 4.32%. Treasury prices and yields move in opposite directions.
Oil prices jumped 78 cents to $72.25 U.S. a barrel.
Prices for gold retreated 80 cents an ounce to $2.745.40 U.S.
