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
Stocks Up 305 in Election Rally
Specialist Damen Watson, right, interacts with a trader at his post on the floor of the New York Stock Exchange today.   (AP Photo)

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.
(More Dow Jones stories.)

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