Stock market today: Wall Street rallies on Election Day as economy remains solid

NEW YORK — U.S. stocks rallied as voters headed to the polls on the last day of the presidential election and as more data piled up to show the economy remains solid. The S&P 500 rose 1.2% Tuesday and moved closer to its record set last month. The Dow Jones Industrial Average added 1%, and the Nasdaq composite gained 1.4%. Excitement about the artificial-intelligence boom helped lift Wall Street following a strong profit report from Palantir Technologies.

The strong data offered more hope that the U.S. economy will remain solid and avoid a long-feared recession following the worst inflation in generations. The market's main event, though, is the election, even if the result may not be known for days or weeks as officials count all the votes. Such uncertainty could upset markets, along with an upcoming meeting by the Federal Reserve on interest rates later this week. The widespread expectation is for it to cut its main interest rate for a second straight time.

The U.S. stock market has tended to rise more in magnitude when Democrats have been president, in part because a loss under George W. Bush’s term hurt the Republican’s average. Bush took over as the dot-com bubble was deflating and exited office when the 2008 global financial crisis and Great Recession were devastating markets.

As for a contested election, Wall Street has some precedent to look back to. In 2000, the S&P 500 dropped 5% in about five weeks after Election Day before Al Gore conceded to George W. Bush. That, though, also happened during the near-halving of the S&P 500 from March 2000 to October 2002 as the dot-com bubble deflated.

In the four years before that, the S&P 500 rose 57.5% from Election Day 2016 through Election Day 2020, in part because of cuts to tax rates signed by Trump.

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