NEW YORK ( TheStreet) -- The major U.S. equity averages soared Tuesday, going into rally mode as Americans headed to the voting booths across the country to decide between Barack Obama and Mitt Romney for president.
Investors also kept a close eye on the U.S. congressional races, as the results will go a long way toward determining how the federal government ultimately handles the looming fiscal cliff. With many expecting Congress to remain divided, economists at Bank of America are anticipating "a prolonged negotiation process" on the issue.
The Dow Jones Industrial Average soared 133 points, or 1.02%, to close at 13,246. The blue-chip index rose for a second straight session and is now up 8.42% so far in 2012.
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