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US shares rally as Americans vote | US shares rally as Americans vote |
(40 minutes later) | |
Shares in New York rallied in early trading on Tuesday as people in the US went to the polls. | Shares in New York rallied in early trading on Tuesday as people in the US went to the polls. |
The Dow Jones Industrial Average was up 284.2 points, or 3.1%, at 9,604.0 in mid-morning trading. | The Dow Jones Industrial Average was up 284.2 points, or 3.1%, at 9,604.0 in mid-morning trading. |
US shares took strength from gains in Asia and Europe amid hopes that a new president will take fresh action to solve the credit crisis. | US shares took strength from gains in Asia and Europe amid hopes that a new president will take fresh action to solve the credit crisis. |
The technology-based Nasdaq composite index rose 47.9 points, or 2.8%, to trade at 1,774.2. | The technology-based Nasdaq composite index rose 47.9 points, or 2.8%, to trade at 1,774.2. |
"It's not rooted in the expectation that one candidate will prevail over the other," said Patrick O'Hare at Briefing.com, regarding the shares rally. | "It's not rooted in the expectation that one candidate will prevail over the other," said Patrick O'Hare at Briefing.com, regarding the shares rally. |
"Rather, it's rooted in the understanding that there will finally be clarity on the matter." | "Rather, it's rooted in the understanding that there will finally be clarity on the matter." |
'Truly dismal' | 'Truly dismal' |
The rises came despite figures from the Commerce Department showing an accelerating decline in manufacturing activity. | |
New orders received by US factories in September dropped 2.5% to a seasonally adjusted $432bn (£269bn), which was much worse than had been expected. | New orders received by US factories in September dropped 2.5% to a seasonally adjusted $432bn (£269bn), which was much worse than had been expected. |
The fall in August was revised from 4% to 4.3%. | The fall in August was revised from 4% to 4.3%. |
"The numbers are truly dismal," said Peter Kenny at Knight Equity Markets in New Jersey. | "The numbers are truly dismal," said Peter Kenny at Knight Equity Markets in New Jersey. |
"Truly dismal, and yet not capable of quelling the excitement of knowing we will have a new president elected today." | "Truly dismal, and yet not capable of quelling the excitement of knowing we will have a new president elected today." |