Markets cautious ahead of US presidential vote

November 5, 2008
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, NEW YORK, November 4 – Wall Street shares rallied at the opening Tuesday at the start of voting in the US elections amid optimism on relief from the economic crisis with a new president.

In the first exchanges, the Dow Jones Industrial Average jumped 195.30 points (2.10 percent) to 9,515.13 and the Nasdaq added 30.41 points (1.76 percent) to 1,756.74.

The Standard & Poor\’s 500 index gained 21.40 points (2.21 percent) to 987.70.

Market action came on positive results in many global bourses amid hope the next US president will give new impetus to action on the financial crisis.

Americans opened the voting in their historic election, with front-running Democrat Barack Obama seeking to become the first black president and his Republican rival John McCain hoping for a poll-defying comeback.

The rally "is being driven primarily by the understanding that today is Election Day," said Patrick O\’Hare at Briefing.com.

"It\’s not a bid, though, rooted in the expectation that one candidate will prevail over the other. Rather, it\’s a bid rooted in the understanding that there will finally be clarity on the matter."

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