U.S. stocks turned in impressive gains on Tuesday, as Americans headed to the polls in presidential elections – promising to end one of the key sources of uncertainty hanging over markets, even as the election continues to look like a close race between Barack Obama and Mitt Romney.
The Dow Jones industrial average closed at 13,245.68, up 133.24 points or 1 per cent. The broader S&P 500 closed at 1428.39, up 11.13 points or 0.8 per cent. In Canada, the S&P/TSX composite index closed at 12,361.20, up 8.42 points or less than 0.1 per cent.
Investors showed a clear preference for economically sensitive stocks, especially within the U.S. benchmark index: Energy stocks, financials, industrials and materials led the gains.
Among some of the bigger moves, Boeing Co. rose 2.3 per cent, Bank of America Corp. rose 2 per cent and Caterpillar Inc. rose 1.5 per cent.
Commodity prices showed big moves. Gold rose to $1,715 (U.S.) an ounce, up $31.80, just days after touching its lowest level since the end of August.
Crude oil rose to $88.71 a barrel, up $3.06, for its biggest percentage move in about a month.
Most Canadian large commodity producers lagged these gains, though. Barrick Gold Corp. rose 0.8 per cent, Goldcorp Inc. rose 1.1 per cent, Suncor Energy Inc. rose 0.4 per cent and Canadian Oil Sands Ltd. rose 0.5 per cent.