Americans were voting for their next president, as the markets staged an impressive rally.
First the scoreboard:
And now the top stories:
- There was no major economic or earnings news to report today. But markets were up all day.
- Stocks rocketed higher just before noon on no obvious news. There was some chatter, however, that Mitt Romney took a huge lead in the crucial swing state of Ohio. The Wall Street Journal eventually reported that Cincinnati.com accidentally published a post with "dummy data" that put Romney ahead of Obama by 92,000 votes. Cincinnati.com pulled down the post and apologized for the error.
- While everyone waits for the polls to be closed and the votes to be counted, some traders may be looking at the historical patterns for some guidance. S&P's Sam Stovall's data showed that positive stock market returns between July 31 and October 31 ended wih the incumbent or incumbent party candidate being elected 88 percent of the time.
- Earlier this year, Robert Prechter conducted a study that showed +20 percent rallies during the three years leading up to an election ends with a landslide victory for the incumbent. Nine 'Cliffs' That Have Everyone Freaked Out >
- Regardless of who wins, Wall Street traders hope that the winner wins decisively. "Pray that it's not close," writes UBS's Art Cashin. "We have written several times of our concern that a close race could further divide an already polarized populace."
- There was one piece of economic data that came out, which isn't widely followed. CoreLogic reported that home prices jumped in September at the fastest rate since 2006. Here Are 20 US Cities That Are Getting Crushed By Foreclosures >
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