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Stocks Open Election Day With Rally Move

Mike Taylor

Stocks in New York were climbing at the open Tuesday, as traders heard some encouraging quarterly earnings reports and the polls opened for the U.S. presidential election.

The Dow Jones Industrial Average was gaining 168 points to 9488, and the S&P 500 was up 18 points to 984. The Nasdaq was tacking on 27 points to 1753.

A series of solid corporate earnings results were bolstering investor enthusiasm. Following Monday's close, credit-card company MasterCard (MA Quote) took a net loss on charges related to its settlement of a legal scuffle with Discover Financial Services (DFS Quote). Excluding the charge, however, MasterCard's earnings trumped the Street's forecasts.

Energy company Anadarko Petroleum (APC Quote) reported that third-quarter profit climbed year over year and beat analyst estimates.

Farm products maker Archer Daniels Midland (ADM Quote) reported profit that more than doubled year over year.

Pharmacy operator Walgreen (WAG Quote) announced Tuesday that its October same-store sales climbed 2% year over year.

Media firm Viacom (VIA Quote) wasn't so fortunate, as its earnings dropped 37% year over year.

Ahead of the new day's trading, The Wall Street Journal reported that the Treasury Department is mulling taking equity positions in financial companies beyond banks and insurers. According to the report in the Journal, General Electric's (GE Quote) GE Capital segment and CIT Group (CIT Quote) are among businesses that may become eligible.

Elsewhere in the financials, Swiss bank UBS (UBS Quote) announced it swung to a profit for the third quarter. The profitable quarter follows four straight earnings periods marked by losses on writedowns tied to mortgage securities.

Credit markets were continuing to improve. Three-month dollar Libor declined 15 basis points to 2.71%, its lowest level since Lehman Brothers declared bankruptcy. Overnight Libor fell one basis point to 0.38%.

Looking at the day's economic data, the Census Bureau is set to release its look at September factory orders.

In the realm of commodities, crude oil was rising $1.99 to $65.90 a barrel. Gold was adding $18.10 to $744.90 an ounce.

Longer-dated U.S. Treasury securities were mixed. The 10-year was adding 2/32 to yield 3.9%, and the 30-year was lower by 10/32, yielding 4.34%. The dollar was rising vs. the yen but declining against the euro and pound.

Overseas, European exchanges, including the FTSE in London and the Dax in Frankfurt, were broadly trading higher. As for Asian stocks, Japan's Nikkei and Hong Kong's Hang Seng closed higher.

(Photo gallery: Trading Faces)