U.S. stocks rose for a second straight session on Tuesday as investors bet Democratic candidate Hillary Clinton would win the U.S. presidential election. Bobbi Rebell reports.
(REUTERS, NYSE) – A relief rally on election day in the United States, as polls showed Democratic Presidential nominee Hillary Clinton had a ninety percent chance of defeating Donald Trump. The major indices all posting gains for the second day in a row.
Vespula Capital’s Jeff Tomasulo:
JEFF TOMASULO, CEO, VESPULA CAPITAL,
“You know what you are going to get with Hilary Clinton. That is why the market feels confident to drive it up. The problem is, with Donald Trump people are very uncertain. They don’t understand his policies. They don’t know what type of policies he is going to put in, so that is why you will see a lot more volatility if Donald Trump get elected. You will probably get a selloff. ”
Shares of Smith & Wesson Holding and Sturm Ruger higher. Sales often rise on fears among gun owners of increased gun control, which is likely under a Clinton Presidency.
Aetna and Anthem jumped more than two percent. Both health insurers have gained from the Affordable Care Act, which Clinton has vowed to extend.
Shares of CVS dropped after the drugstore chain slashed its forecast for this year, and projected weak growth in 2017.
In Europe, shares were higher after a choppy session ahead of the U.S. election.