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MONDAY, NOVEMBER 23, 2009
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Stocks Up 305 in Election Rally

Indices up 3%-4% after remaining in positive territory for entire session

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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.

Specialist Damen Watson, right, interacts with a trader at his post on the floor of the New York Stock Exchange today.
Specialist Damen Watson, right, interacts with a trader at his post on the floor of the New York Stock Exchange today.   (AP Photo)
Specialist John Parisi, center, works at his post on the floor of the New York Stock Exchange today.
Specialist John Parisi, center, works at his post on the floor of the New York Stock Exchange today.   (AP Photo)
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Confidence is an intangible that in these times we have found is crucially important for the proper functioning of our financial markets and the economy. Confidence is something that Barack Obama exudes.
- Tony Crescenzi, Miller Tabak.

"In general, I think people are optimistic that within a year or two, the U.S. will be back on its feet. Election Day is bringing a lot of that sentiment out." - Kent Engelke, Capitol Securities Management

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ADM has a great quarter
Chicago Tribune

Read more on MasterCard's surging shares
Bloomberg

Index of share price volatility drops sharply
Reuters


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Dow Jones • Nasdaq • Election Day • MasterCard • S&P 500 • Election 2008 • Libor • financial crisis • Archer Daniels Midland

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