As Americans headed to the polls to vote for their next president, US stock indexes registered gains in midday trading, boosted also by strong earnings from companies such as AOL
(NYSE:AOL) and CVS Caremark
“Hope springs eternal on Wall Street that we won’t fall apart. There is enough of a belief that the economy is going to expand, maybe not strongly, but still expand, in 2013,” Hugh Johnson, chairman of Hugh Johnson Advisors in Albany, NY, told MarketWatch
The Dow Jones Industrial Average
(INDEXDJX:.DJI) was up 1.30% to 13,282.25 points as of 12:07 p.m. EST.
Leading Dow gainers was Hewlett-Packard
(NYSE:HPQ), which jumped 2.68% to $14.38. HP also gained 1.8% yesterday after news that it had increased its investment in the Linux Foundation and was now on the Linux board along with other big tech firms such as Intel
Aerospace companies Boeing
(NYSE:BA) (+2.09% to $71.89) and United Technologies
(NYSE:UTX) (+2.73% to $80.02) also advanced. Boeing will go ex-dividend tomorrow, so if you own shares of the company as of market close today, you will be eligible for a $0.44 per share dividend.
Dow financials JPMorgan
(NYSE:JPM) (+1.67% to $42.95), Back of America
(NYSE:BAC) (+1.54% to $9.90), American Express
(NYSE:AXP) (+1.70% to $57.32), and Travelers
(NYSE:TRV) (+1.98% to $70.45) also were up on the day. The bellwether Financial Select Sector SPDR ETF
(NYSEARCA:XLF), which tracks all financial stocks in the S&P 500
(INDEXSP:.INX), rose 1.28% to $16.17.
Only five of the 30 Dow components were in the red today. AT&T
(NYSE:T) was down 0.37% to $34.70. Credit agency Moody’s reported today that it believed telecommunications companies like AT&T and rival Verizon
(NYSE:VZ) would be affected by Superstorm Sandy, although it added that the impact would be “negligible.”
No positions in stocks mentioned.