Wall Street Stages Election Day Rally

Updated from 9:41 a.m. EST

Stocks in New York were climbing Tuesday as traders sorted through some encouraging quarterly earnings reports and polls across the nation opened for the U.S. presidential election.

The Dow Jones Industrial Average was gaining 255 points to 9576, and the S&P 500 was up 31 points to 998. The Nasdaq was tacking on 43 points to 1769.

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.

Meanwhile, 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.

In the technology arena, cell-phone maker Nokia (NOK Quote) announced that it will cut an estimated 450 jobs as it restructures its operations.

A series of reports on the state of the financial sector revealed a mixed bag. Ahead of the trading day, 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.

A Goldman Sachs (GS Quote) hedge fund lost $989 million since January, according to a report in the Financial Times.