Tech Pushes Stocks Higher With Vote in Full Swing: Markets Wrap
- S&P 500 is famously buoyant in the session when votes are cast
- The dollar weakened further in afternoon trading in New York
Stocks climbed Tuesday while Treasuries were mixed and the dollar fell in the last trading session before votes are tallied in a US presidential race with far-reaching implications for the economy. Neither the size of the moves nor volume indicated strong conviction on the outcome of a contest that polls continue to put at a dead heat.
The world’s largest tech companies led gains, with the S&P 500 up 1.2% and a measure of the “Magnificent Seven” megacaps climbing 1.8%. The rally was partly fueled by a surge in Palantir Technologies Inc. after the company signaled “unwavering demand” for artificial intelligence. Nvidia Corp. became the largest company in the world, surpassing Apple Inc. Shorter-term Treasuries underperformed after a solid report on US services.