Wall Street refreshed its largest Election Day rally in 24 years yesterday
with all major indexes soaring more than 3 percent.
The Commerce Department said yesterday that factory orders fell 2.5 percent
in September from August levels, much worse than the 0.7percent drop analysts
predicted.
However, investors looked beyond economic data trying bottom fishing as
uncertainty for the White House is going to be ended.
Shares of energy and material led stocks as US dollar plunged against other
major currencies. Exxon Mobil Corp. rose 4.3 percent, aluminum producer Alcoa
Inc. rose 3.5 percent.
General Electric rose 7.6 percent on reports that the US government may buy
stakes in the company.
Strong earnings at MasterCard Inc. and Archer Daniels Midland Co. bolstered
optimism about consumer spending and corporate pricing power despite the stalled
economy.
The Dow Jones Industrial Average rose 305.45, or 3.28 percent, to 9,625.28.
The Standard & Poor's 500 index gained 39.45, or 4.08percent, to 1,005.75.
The Nasdaq composite index rose 53.79, or 3.12 percent, to 1,780.12.
