Stocks Climbed the Day of the Elections – US Market Wrap

Stocks climbed as trading got underway in a presidential race that will have major consequences for the future of economic policy.

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%. Treasuries were mixed, with short-term bonds underperforming longer maturities after a solid report on US services. The dollar extended losses into a second straight day.

Wall Street was preparing for a tong night of potentially contentious ballot counting and sharp swings no matter the outcome. Goldman Sachs strategists said there’s a possibility of a burst of volatility in the aftermath of the election, but also pointed to the resilient US economic backdrop as likely to support equities in the long run.