Wall Street Stages Election Day Rally

Stocks in New York are climbing in morning trading as traders sort through more quarterly earnings reports and as voters cast their vote for the next U.S. president.
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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) - Get Report

took a net loss on charges related to its settlement of a legal scuffle with

Discover Financial Services

(DFS) - Get Report

. Excluding the charge, however, MasterCard's earnings trumped the Street's forecasts.

Meanwhile, energy company

Anadarko Petroleum

(APC) - Get Report

reported that third-quarter profit climbed year over year and beat analyst estimates.

Farm products maker

Archer Daniels Midland

(ADM) - Get Report

reported profit that more than doubled year over year.

Pharmacy operator

Walgreen

(WAG)

announced Tuesday that its October same-store sales climbed 2% year over year.

Media firm

Viacom

(VIA) - Get Report

wasn't so fortunate, as its earnings dropped 37% year over year.

In the technology arena, cell-phone maker

Nokia

(NOK) - Get Report

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) - Get Report

GE Capital segment and

CIT Group

(CIT) - Get Report

are among businesses that may become eligible.

A

Goldman Sachs

(GS) - Get Report

hedge fund lost $989 million since January, according to a report in the

Financial Times

.

Elsewhere in the financials, Swiss bank

UBS

(UBS) - Get Report

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's September factory orders numbers showed a decline of 2.5%, a narrower slide than 4.3% in August but worse than economists' forecast for a 0.8% decline..

In the realm of commodities, crude oil was rising $2.47 to $66.38 a barrel. Gold was adding $14.40 to $741.20 an ounce.

Longer-dated U.S. Treasury securities were mixed. The 10-year was adding 6/32 to yield 3.89%, and the 30-year was flat in price, yielding 4.32%. 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

)