Stocks Surge Ahead of Election Results, Cisco
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Investors didn't wait for Cisco's (NASDAQ: CSCO) earnings report or the results of the presidential election before placing their bets.
Stocks surged to their highest level in three weeks Tuesday, and reasons given for the rally ranged from relief that the election uncertainty will soon be over and anticipation of a year-end rally to continued improvement in the credit markets and the latest expansion of government financial rescue efforts.
Cisco (NASDAQ: CSCO) jumped 6.6% ahead of its quarterly results, which will be reported after the close on Wednesday. Analysts are expecting earnings of 39 cents a share on a 7.8% increase in sales to $10.3 billion, according to Thomson Financial.
Yahoo (NASDAQ: YHOO) and Google (NASDAQ: GOOG) gained about 5% each on news that the two are pursuing a more limited advertising pact after initial efforts ran into antitrust concerns.
Marvell (NASDAQ: MRVL) was up nearly 10% despite lowering sales guidance.
Nokia (NYSE: NOK) and Dell (NASDAQ: DELL) gained on cost-cutting plans.
HP (NYSE: HPQ) slipped after R.W. Baird lowered estimates on the company. The company will report results on Nov. 24, just four days after Dell's earnings report.
The Nasdaq surged 52 to 1780, the S&P gained 39 to 1005, and the Dow rose 305 to 9625. Volume rose to 5.6 billion shares on the NYSE, and 2.35 billion on the Nasdaq. Advancers led by a 27-7 margin on the NYSE, and 18-10 on the Nasdaq. Upside volume was 87% on the NYSE, and 82% on the Nasdaq. New highs-new lows were 7-67 on the NYSE, and 13-77 on the Nasdaq.
Note: The Market Close will return on Thursday, November 6.