Live Markets: Wall Street rallies as voters hit the polls

Geo

05/11/2024 21:12

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      All three U.S. indexes rally more than 1%
    

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      All 11 S&P 500 sectors end positive; Cons Disc leads
    

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      Dollar down; gold up; crude up ~1%; bitcoin up >3%
    

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      U.S. 10-Year Treasury yield dips to ~4.29%
    

  
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    WALL STREET RALLIES AS VOTERS HIT THE POLLS
    U.S. stocks rallied on Tuesday, with the S&P 500  .SPX 
clawing back about half the ground it lost over the previous
four sessions as election day arrived and investors looked
forward to putting all the uncertainties of a too-close-to-call
election behind them.
    A broad and robust rally lifted all three major U.S. stock
indexes sharply higher, and each of the 11 major sectors in S&P
500, led by consumer discretionary stocks  .SPLRCD , ended the
session in the green.
    Stocks associated with the "Trump play," which investors
believe would benefit from a Trump victory, were early
outperformers:
    For-profit prison operator Geo Group  GEO.N  gained 6.7%,   
Tesla  TSLA.O  rose 3.4%, the largest gain among the
"magnificent seven" group of momentum stocks, all of which
advanced on the day.
    Crypto marketplace Coinbase  COIN.O  gained 4.1%.
    But the granddaddy of all "Trump trades," Trump Media &
Technology Group  DJT.O  ended the day down 1.2% after its
shares whipsawed and the stock was halted for volatility
multiple times throughout the session.
    Beyond the noise, the latest polls from contentious
battleground states show the candidates in a dead heat and the
likelihood that of a protracted vote count - and no immediately
clear winner - looms large.
    On Wednesday, the Federal Reserve convenes for its two-day
policy meeting, which is largely expected to culminate on
Thursday with a 25 basis point reduction in the Fed funds target
rate.
    Here's your closing snapshot:
    
    
    (Stephen Culp)
     ***** 
   
    
    FOR TUESDAY'S EARLIER LIVE MARKETS POSTS:
    
    BOFA INSTITUTIONAL CLIENTS GO ON A SELLING CHARGE - CLICK
HERE
    
    EVEN WITH A CLOUDY ELECTION OUTCOME, SKIES MAY CLEAR QUICKLY
- WFII - CLICK HERE
    
    THE ELECTION IS NO TIME FOR PORTFOLIO HEROICS - OR IS IT? -
CLICK HERE
    
    TUESDAY DATA DISTRACTION: SERVICES PMI ACCELERATES, TRADE
GAP GAPES - CLICK HERE
    
    WILL IT BE RED OR BLUE? ACTUALLY, IT'S ALL GREEN EARLY ON
ELECTION DAY - CLICK HERE
    
    S&P 500 INDEX: VOTING WITH ITS FEET? - CLICK HERE
    
    U.S. ELECTION AND ITS IMPACT ON THE FED'S STEPS - CLICK HERE
    
    IS BULLISH POSITIONING A RISK, GOING INTO US VOTE? - CLICK
HERE
    
    WHY EURO AREA INFLATION COULD STAY BELOW 2% FOR LONG - CLICK
HERE
    
    STOCKS HOLD THEIR BREATH AS AMERICA VOTES - CLICK HERE
    
    EUROPEAN FUTURES STEADY AS ELECTION DAY ARRIVES - CLICK HERE
    
    MARKETS BUCKLE UP FOR ELECTION DAY - CLICK HERE
 
      

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Closing snapshot    https://reut.rs/4fzRims
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