Stocks Up 305 in Election Rally

Indices up 3%-4% after remaining in positive territory for entire session
By Nick McMaster,  Newser Staff
Posted Nov 4, 2008 3:19 PM CST
Specialist Damen Watson, right, interacts with a trader at his post on the floor of the New York Stock Exchange today.   (AP Photo)
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(Newser) – Stocks rallied on Election Day as investors applauded the looming conclusion to the presidential race, the Wall Street Journal reports. Continuing declines in interbank lending, and strong third-quarter earnings reports also fueled optimism, with the Dow rising 305.45 to close at 9,625.28. The Nasdaq climbed 53.79 closing at 1,780.12, while the S&P 500 gained 39.45 to settle at 1,005.75.

The three-month US Libor dropped 0.10% to 2.706%, its 17th consecutive daily decline, signaling easing lending costs. Archer Daniels Midland rose 14.83% after the agricultural firm reported a doubling in third-quarter profit. MasterCard also shot up 18.2% despite reporting a quarterly loss of $194 million, because the loss was due to an antitrust penalty.