Stock market climbs as world waits for U.S. election results

With the arrival of Election Day, stocks climbed Tuesday as investors hope the election results give the market a push in the right direction.

The Dow Jones Industrial Average was up 567 points, or 2.1% Tuesday afternoon and the Nasdaq composite was 1.9% higher. The global gains also include oil prices, which have taken a hard hit this year. 

Investors are hoping to see a clear winner in the presidential election no matter if that’s President Trump or Democratic challenger Joe Biden. In the case of a drawn out or contested election, the market will be full of uncertainty and will likely create a sharp drop, analysts suggust.

“The markets are neither red nor blue and today they’re decidedly green,” said Rod von Lipsey, managing director at UBS Private Wealth Management. “There’s a sense that we might get some clarity on the outcome of the direction of one or two wild cards that have been moving the market.

Investors say whichever party ends up winning the White House and controlling Washington will not have as much of an impact on the markets, compared to the coronavirus and  the forthcoming vaccine.