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Stocks cap off Election Day with major gains

Stocks cap off Election Day with major gains
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Stocks rallied Tuesday as voters cast their ballots, rising for the second straight day in the face of uncertainty.

The Dow Jones Industrial Average closed with a gain of nearly 555 points Tuesday, rising roughly 2.1 percent. The Nasdaq composite rose 1.9 percent, and the S&P 500 rose 1.8 percent.

The market’s strong Election Day comes after stocks closed with solid gains Monday, shaking off Wall Street’s worst week since March ahead of a potentially tumultuous week. The Dow closed with a gain of 423 points Monday, rising 1.6 percent, while the Nasdaq gained 0.4 percent and the S&P rose 1.2 percent.

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Stocks have skyrocketed in value since President TrumpDonald TrumpSchumer: Impeachment trial will be quick, doesn't need a lot of witnesses Nurse to be tapped by Biden as acting surgeon general: report Schumer calls for Biden to declare climate emergency MORE was elected almost exactly four years ago and have largely recovered the losses taken during the onset of the coronavirus pandemic.

Trump, unlike his predecessors, has tied himself closely to the success of the stock market and claimed without evidence that his election defeat would trigger a crash. While Wall Street traders say the market is likely to steam ahead under either Trump or Democratic nominee Joe BidenJoe BidenBudowsky: A Biden-McConnell state of emergency summit DC might win US House vote if it tries Inaugural poet Amanda Gorman inks deal with IMG Models MORE, extended uncertainty about the result of the presidential race or violence in its aftermath could rattle investors.

The week ahead also holds a flurry of other potentially market-moving events unrelated to the election.

The Federal Reserve’s policymaking committee will meet Wednesday and Thursday and will be capped off with a press conference with Fed Chairman Jerome Powell. New data on weekly jobless claims will be released Thursday, the October jobs report will be released Friday and a slew of major publicly traded companies will be announcing their third-quarter earnings throughout the week.

--Updated at 4:09 p.m.