US stocks open higher after huge post-vote plunge

US stocks edged higher in opening trade Thursday, a day after greeting President Barack Obama's re-election with a massive plunge.

In the first half hour of trade, the Dow Jones Industrial Average added 25.66 points (0.20 percent) to 12,958.39.

The broad-based S&P 500 gained 3.80 (0.27 percent) to 1,398.33, while the tech-rich Nasdaq Composite gained 9.29 (0.32 percent) to 2,946.58.

The Dow marked its biggest one-day loss in a year on Wednesday after Obama defeated Republican challenger Mitt Romney at the polls, losing 313 points, 2.36 percent; the S&P lost nearly 34 points and the Nasdaq nearly 75 points.

Traders said Wall Street, which had largely favored Romney, was reacting more to the specter of a new grueling battle between Democrats and Republicans over the deficit and the looming "fiscal cliff" spending cuts and tax hikes.

"Markets did an about-face yesterday, as heavy selling crushed major indices by more than two percent," said Tony Venosa of Schaeffer's Investment Research.

"The looming 'fiscal cliff' and eurozone economic issues have been brought to the forefront."

The Dow's 30 blue chips were mostly higher, led by rebounds in banks JPMorgan Chase and Bank of America, which were crushed in Tuesday's sell-off.

Verizon though gave up 1.1 percent.

Chip maker Qualcomm rose 7.0 percent after delivering a fairly buoyant outlook for sales.

Monster Beverage, feeling the brunt of a general backlash over high-caffeine energy drinks, sank 6.9 percent.

Apple continued to slip, losing 0.5 percent after falling 3.8 percent Wednesday.

Bond prices fell. The 10-year US Treasury yield gained 1.69 percent from 1.63 percent late Wednesday, and the 30-year rose to 2.85 percent from 2.82 percent. Bond prices and yields move inversely.

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2580-0.00010.00%
    USDSGD=X
    1.7404+0.0002+0.01%
    EURSGD=X
    2.1139+0.00010.00%
    GBPSGD=X
    81.3074+0.0154+0.02%
    SGDJPY=X
    6.16270.000.00%
    SGDHKD=X
    2.6032+0.0048+0.19%
    SGDMYR=X
    9,237.9980-18.0283-0.19%
    SGDIDR=X
    4.9700+0.0031+0.06%
    SGDCNY=X
    1.1659+0.0006+0.05%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,292.40+1.80+0.14%
    GCM14.CMX
    19.59-0.10-0.50%
    SIK14.CMX
    91.62-1.25-1.35%
    ^XAU
    3.120.00-0.13%
    HGK14.CMX
    101.59-0.35-0.34%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.74+0.03
    ^FVX
    2.690.00
    ^TNX
    3.460.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    2.23+0.020+0.90%
    JS8.SI
    1.165+0.015+1.30%
    U6C.SI
    0.122-0.001-0.81%
    B22.SI
    1.335-0.020-1.48%
    G13.SI
    1.2150.0000.00%
    S53.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    22.420.0000.00%
    U6K.SI
    0.21+0.020+10.53%
    F86.SI
    0.116+0.010+9.43%
    O2I.SI
    0.168+0.016+10.53%
    5HH.SI
    0.72+0.050+7.46%
    5DP.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.141-0.013-8.44%
    5GD.SI
    0.151-0.009-5.63%
    A03.SI
    0.30-0.015-4.76%
    K29.SI
    1.05-0.050-4.55%
    T14.SI
    0.215-0.010-4.44%
    5UZ.SI