Stocks rose Tuesday, adding to gains from the previous session, as Americans choose their president for the next four years.
The Dow Jones Industrial Average was up 570 points, or 2.12%, to 27,495, the S&P 500 gained 1.97% and the Nasdaq rose 2.11% in afternoon trading.
Earlier Tuesday the S&P 500 had risen as much as 2.4%.
TheStreet's Katherine Ross discussed breaking news in the stock market with Jim Cramer who spoke about PayPal's earnings, healthcare stocks and the stock rally on Election Day.
Paypal: Buy Or Sell?
PayPal said non-GAAP earnings for the three months ending in September rose 75% from last year to $1.07 per share as revenues surged 25% to $5.46 billion
Cramer said he liked PayPal's earnings. "One of the things that are coloring it is that people said their forecast was bad. This company is about a long-term trend towards digitization including crypto. People who are selling the stock simply don't like the fact that it's a $212 billion company and it has some flaws."
Nothing Will Hurt Healthcare
In his Real Money column, Cramer wrote, "Right now the market is furiously trying to price in a Blue Wave, a total landslide, and the area that's perceived as most vulnerable, the health care sector, is getting socked with sellers who, at this point, don't even care what price they get."
Cramer said nothing will hurt healthcare in this election. "A lot of people feel healthcare is not a great deal ahead of the elections. A lot of people feel it will go down again if the Democrats win. I think there are enough stocks in the healthcare contingent where you buy some and if Biden wins they get hit then you buy more. And if Trump wins these stocks will be off the races."
The stock market usually feels more apprehensive about Democrats than Republicans, but “this is a unique year and a unique election,” said Solita Marcelli, the Americas chief investment officer at UBS Global Wealth Management to the Wall Street Journal.
Cramer said the stock rally we're seeing Tuesday is based on the expectation that we're going to get a resolution this evening. "It doesn't mean things are right. If you go back to 2016 then everything that happened was wrong. Could it be wrong again? Absolutely. I think we'll go down no matter who is elected and then we'll bounce. So you've got to buy again when we get down."
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