At the close of trade, the Dow Jones Industrial Average index rose 554.98 points, or 2.06%, to 27,480.03. The S&P 500 index advanced 58.92 points, or 1.78%, to 3,369.16. The tech-heavy Nasdaq Composite Index added 202.96 points, or 1.85%, to 11,160.57.
Democrat Joe Biden's lead over Republican President Donald Trump in national opinion polls has raised expectations for a decisive outcome and a post-election stimulus package that would make good on Biden's promises of infrastructure spending.
Investors await the outcomes of Federal Reserve meetings this week, which are also expected to bring more support.
Gains were broad, with 10 of the 11 major S&P sectors on the plus side, led by financials and industrials, each up more than 2%, while investors pared some bets on post-vote volatility that dominated in recent weeks.
ECONOMIC NEWS: US Factory Orders Increase Significantly In September- US factory orders jumped by 1.1% in September after rising by a revised 0.6% in August, according to a report released by the Commerce Department on Tuesday. The report said orders for durable goods spiked by 1.9%, while orders for non-durable goods rose by 0.3%. Shipments of manufactured goods increased for the fifth consecutive month, rising by 0.3% in September following a matching uptick in August. Meanwhile, the Commerce Department said inventories were virtually unchanged in September after coming in nearly unchanged in the previous month. The inventories-to-shipments ratio subsequently edged down to 1.42 in September from 1.43 in August.
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