Stocks Close Higher as Voters Head to Polls
NEW YORK (TheStreet) -- Stocks finished higher on Tuesday as Wall Street awaits congressional election results later tonight that most observers expect to show a big victory for the Republican party.
The Dow Jones Industrial Average gained 64 points, or 0.6% to 11,188. The S&P 500 added 9 points, or 0.8%, to close at 1193 and the Nasdaq rose 28 points, or 1.1%, to 2533.
From a sector standpoint, a weakening of the greenback bolstered demand for energy, basic materials and utilities shares.
As voters head to the polling booths, the expectation is that the Republicans will take control of the House of Representatives, ending the control of Congress that Democrats have enjoyed since 2008. Assuming the Senate stays in the hands of the Democrats, the third year of President Barack Obama's term could see plenty of legislative gridlock, a situation that has historically been positive for Corporate America. With no major economic reports on Tuesday, investors were pacing themselves for the Federal Reserve's two-day policy-making meeting which began today. The Federal Open Market Committee will make a statement on Wednesday afternoon. The market has been anticipating the announcement of additional quantitative easing measures at the conclusion of the FOMC meeting since late summer.
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