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Wednesday, November 7, 2012

Wall Street Posts Election-Day Rally, Dow Jumps 133

Wall Street zoomed higher Tuesday in a broad-based advance as Americans headed to the polls to elect the next president. Trading desks across the world were fixated on the American presidential election, the results of which are likely to play a big role in shaping the world's leading economy in years to come. Last-minute polling showed President Barack Obama and Mitt Romney locked in a very tight race. 
A significant concern among market participants was also the uncertainty that could be caused by the election dragging out over several days or weeks.
The Dow blazed a trail higher right out of the gate today, topping out at 13,290.75 around midday before closing with a triple digits gain of 133.24 points or +1.02% at 13245.68.  The bullish momentum waned just slightly in the final hour of trading, though, with the blue-chip barometer paring its lead. Today marks just the second close north of 13,200 since Oct. 22 for the Dow.
"Although volume has been relatively light, we enjoyed a pretty nice Election Day rally." 
 "This reminds me of four years ago, when we also had a strong, positive move on Election Day. Overall, we're seeing a lot of strength from crude oil, gold, and other commodities, especially as the dollar displayed quite a bit of weakness."
“Hope springs eternal on Wall Street that we won’t fall apart. There is enough of a belief that the economy is going to expand, maybe not strongly, but still expand, in 2013.”
“For the past few months we’ve been saying that the market would rally in November and December, regardless of who wins. It looks like the economy is improving and the Federal Reserve is still pumping money into the system."

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