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Election Day And The Fate Of The Stock Market

I’ve been very busy today and that’s why this post is being done much later than I usually do. Between voting and listening to all the election news, it’s been been pretty hard to keep up with the stock market today. Don’t get me wrong, I’ve been able to follow the major stories in regards to the markets and I’m surprised to see that it was a good day for the three indices.
The DOW and NASDAQ were both up over 3%, while the S&P 500 is up 4%. Considering that it’s election day with a lot of issues about our economic future, it was a great day in the markets. Some of the sectors did much better than others. Health care doing the worse of all of them. Consumer staples also didn’t fair as well as I would have thought with the DOW gaining 305 points.
Alternative energy stocks did very good today and that comes after a great bounce for the sector in the last 5 trading days. Let’s look at the leader in that sector, First Solar (NASDAQ:FSLR) which was trading at $107 a week ago, had a intraday high of $178.60. There was a major move for the entire sector during that same period. Speculation is that the sector was oversold and it took awhile for investors to start taking a stake in the sector again.
According to the experts, an Obama win in the election has already been calculated into the markets. The only thing that may become a problem for the markets is if the Democrats take control over in the Senate as well as Congress. If that does happen I would imagine that the markets will move downward throughout the rest of the week.
The oil and gas sector did the best today as in regards to the sectors. Overall the sector gained over 6.5% today. As for the price of a barrel of oil gained over $6 closing over $70.

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