Big Jumps for the Dow and TSX as Voters Line Up in US
The US Presidential election hangs in the balance today, as voters across the United States wait in long queues to cast their votes. The Dow Jones and TSX both saw large gains, as investors showcased economic optimism. Gold also experienced a big boost on a soft US dollar.
Investors cast their votes in the market Wednesday, as both the DJIA and S&P/TSX Index saw significant gains. The Dow was up 3.3% or 305 points to close out the day at 9,625, while the TSX was up 4.1% or 395 points to finish off the day at 10,117. The Canadian market was buoyed by a rise in commodity prices such as gold and oil.
In the US, the news was primarily focused on the election of the next President between Democrat Barack Obama and Republican John McCain. Polls suggested that Obama was the heavy favorite, and was seen by many to be one who will have a positive effect on the economy.
The US Dollar was also off again today, as the price of gold skyrocketed $39.10 to finish off the day at $762.10 an ounce (NY Spot). The Canadian dollar gained nearly 2 cents on the Greenback.
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