Investors gave a vote of confidence to the next administration this morning, sending the Dow up 168 points at the opening bell, and the S&P and Nasdaq up 1.9% and 1.6% respectively. “Investors are looking forward to the campaigns being over and moving on with the results,” said one investor. Markets also took heart from better-than-expected MasterCard earnings.
Financials are expected to be among the day’s movers and shakers, following a Wall Street Journal report that the Treasury may use some of the $700 billion bailout funds to grab stock in bond insurers and specialty finance firms like General Electric’s GE Capital unit. Overseas volume was low but stocks went high, with the Nikkei surging 6.3%.