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  • NASDAQ closed up 214.83 points, or 1.96%.
  • S&P 500 closed up 59.31 points, or 1.79%.
  • Dow Jones closed up 551.34 points, or 2.05%.

Wall Street has one thing in mind on Tuesday, the US elections. 

 A swift deal on more fiscal stimulus ha been priced into the market in anticipation of a so-called Blue wave victory whereby the Democrat Party’s Joe Biden’s lead over Republican President Donald Trump in national opinion polls has raised expectations for a decisive outcome.

Subsequently, the Dow Jones Industrial Average added 551.34 points, or 2.05% to 27, 476.39. The S&P 500 SPX gained 59.31 points, or 1.79%, to 3,369.55 and the Nasdaq Composite added 214.83 points, or 1.96%, to 11,172.44.

The market’s strong gains have reflected a rebound from a selloff last week, the biggest weekly percentage decline for the S&P 500 in over seven months.

However, casting minds back to when US stock index futures plunged on Election Night 2016 as it became apparent Trump could pull an upset victory against Democrat Hillary Clinton, markets could be in for a roller coaster rest of the week. 

We also have the Federal Reserve and US Nonfarm prolls to follow this week.