Dow jumps 133 as Americans head to the polls

The blue chips rise thanks to gains for Caterpillar, Boeing and United Technologies. Crude oil tops $88; gold moves over $1,700. Intel rises despite a report Apple may stop using its chips. Chipotle jumps.

By Charley Blaine Nov 6, 2012 2:48PM
Charley BlaineUpdated: 8:40 p.m. ET

As Americans went to the polls today, Wall Street enjoyed a big rally, with the major averages finishing higher for the third time in four days.

The Dow Jones industrials ($INDU) finished up more than 130 points and, in two days, made back all of their losses on Friday in a rally built on gains for big energy, industrial and financial stocks.

 AT&T (T) and Intel (INTC) were the only Dow stocks not to finish in the black. Intel was hit by a report that Apple (AAPL) is thinking about replacing Intel-made chips in its Macintosh computers.

Oil prices were higher on worries that Superstorm Sandy has cut into domestic supplies of crude oil and refined energy products. The Energy Department will report on U.S. inventories on Wednesday. Gold (-GC) moved above $1,700 for the first time in three days. And the U.S. dollar is holding its own.

The Dow gained 133 points to 13,246. The Standard & Poor's 500 Index ($INX) gained 11 points to 1,428. The Nasdaq Composite Index ($COMPX) climbed 12 points to 3,012.
The Nasdaq-100 Index ($NDX) was up 8 points to 2,681. Apple, the biggest influence on the index, was off $1.77 to $582.85. The stock is still down 17% from its mid-September closing high of $702.10.

Crude oil (-GC) in New York was at $88.89 a barrel, up $3.24. Brent crude , the benchmark North Sea crude, jumped to $111.08 a barrel, up $3.35.

But the national average price of gasoline fell to $3.463 a gallon, down from $3.47 a gallon on Monday. according to AAA's Daily Fuel Gauge Report. The price is down 9.3% from a near-term high of $3.818 on Oct. 8.

Gold settled up $31.80 to $1,715 an ounce. Commodity prices generally were higher.

The rally  came as voters were lining up at polling places around the country to elect a president, members of Congress and a third of the U.S. Senate in what polls suggest will be one of the closest elections in recent years.

The betting site Intrade.com sees the odds of a win for President Barack Obama at 68%, with the odds of a Mitt Romney win at 32%. The Iowa Electronics Markets, which also lets investors speculate on the election outcome, sees similar odds.  Both sites see Obama winning a touch less than 51% of the popular vote and Romney winning around 49%.

It's no guarantee that what happens on Election Day will carry through beyond. Bespoke Investment Group says the S&P 500 had positive returns in only two of the last seven days after a presidential election.

But many on Wall Street believe that just getting a result -- whether it's Obama or Romney -- will add some certainty to financial markets.

Energy prices -- New York close



Tues.     Mon.

Month chg.

YTD chg.
Crude oil (-CL)

$88.71

$85.65

2.86%

-10.24%
(per barrel)











Heating oil (-HO)

$3.0529

$2.9829

-0.31%

4.76%
(per gallon)











Natural gas (-NG)

$3.6170

$3.5540

-2.03%

21.01%
(per mil. BTU)











Unleaded gasoline (-RB)

$2.6989

$2.6202

2.61%

1.56%
(per gallon)











Brent crude 

$110.84

$107.73

4.88%

3.22%
(per barrel)











Retail gasoline

$3.4630

$3.4700

-1.65%

5.71%
(per gallon; AAA)












Amazon.com wins one from Apple in Europe
After the close, Amazon.com (AMZN) shares were down slightly at $237.24 after Reuters said European Union regulators are to end an antitrust probe into e-book prices by accepting an offer by Apple and four publishers to ease price restrictions on Amazon.

That decision would hand online retailer Amazon a victory in its attempt to sell e-books cheaper than rivals in the fast-growing market publishers hope will boost revenue and increase customer numbers.

"Faced with years of court battles and uncertainty I can understand why some of these guys decided to fold their cards and take the whipping," said Mark Coker, founder of Smashwords, an ebook publisher and distributor that works with Apple.

Separately, Apple has told a judge that Samsung Electronics' Galaxy Note 10.1 device infringes its patents, and sought to add the Android 4.1 Jelly Bean operating system to an existing lawsuit against Samsung in California. It's the first time Apple has sought to add Google's (GOOG) popular smart-phone operating system to a patent case.

Vringo wins and loses

Shares of Vringo (VRNG) fell 38 cents to $3.57 after the mobile-phone software maker said a jury had asked five companies, including Google (GOOG), to pay about $30 million for infringing on its patents.


The shares dropped because Vringo had been looking for compensation of at least $696 million from the companies, financial website iStockAnalyst had previously reported.


The court-appointed jury in Norfolk, Va., upheld the validity of Vringo's patents and asked Google to pay $15.8 million, AOL (AOL) $7.9 million, IAC/InterActive's (ACI) IAC Search & Media $6.6 million and Gannett (GCI) $4.3 million, Vringo said.


Vringo inherited the lawsuit after it acquired Innovate/Protect (I/P), a company that specializes in monetizing intellectual property, in March.


I/P had filed a patent infringement lawsuit against AOL, Google, IAC, Gannett and Target (TGT) in 2011. Target was asked to pay $98,833.


The jury recommend that the court approve a 3.5% royalty rate that companies must pay.


A broad rally
Of the 30 Dow stocks, 28 were higher, along with 429 S&P 500 stocks and 78 Nasdaq-100 stocks. In addition, transportation stocks, especially trucking and railroad shares, were higher. So were chip and bank stocks.

Hewlett-Packard (HPQ), Boeing (BA) and United Technologies (UTX) were the biggest percentage gainers among the Dow stocks. United Technologies, Boeing, Caterpillar (CAT) 3M (MMM) and Chevron (CVX) contributed about 57 points to the Dow's gain.

Computer Sciences (CSC) was the top S&P 500 performer, up $5.34 to $36.80. The company has cut jobs and worked to better manage its contracts, helping boost cash flow. Computer Sciences said today it continues to reshuffle operations.

Chipotle Mexican Grill (CMG) added $14.49 to $279.69. The burrito chain criticized by hedge fund manager David Einhorn was raised to "buy" from "neutral" at Bank of America.

Lam Research (LRCX) gained 85 cents to $37.69. The chip-equipment company was raised to "positive" from "neutral" by Susquehanna Financial analyst Mehdi Hosseini. The 12-month share-price estimate is $48.

Express Scripts (ESRX) plunged $7.73 to $55.15 and was the worst S&P 500 performer. A "weak business climate and the unemployment outlook" may lead to a loss of members, depressed drug utilization and “increased client demands and expectations,” Express Scripts said in a statement. Profits for pharmacy benefits managers are tied to clients' drug costs as they act as middlemen among employers, health plans and the drug industry.

DirecTV (DTV) declined 15 cents to $50.51. The largest U.S. satellite-television provider reported third-quarter profit that trailed estimates after Latin American subscriber additions failed to meet analyst projections.

Fossil
(FOSL) tumbled $9.86 to $84.24. The maker of the namesake watch brand reported sales that trailed analysts’ estimates.

Zillow (Z) tumbled $6.22 to $28.15 after the real-estate website forecast fourth-quarter revenue below analysts' estimates. The company lost one of its larger advertisers, Foreclosure.com.

Shares of Emerson Electric (EMR) rose 96 cents to $51.46 after the industrial conglomerate posted adjusted earnings that topped Wall Street expectations. The company also said it wants to sell its $1.4 billion embedded computing and power business.

Short hits from the markets -- New York close



Tues.

Mon.

Month chg.

YTD chg.
Treasury yields











13-week Treasury bill

0.0900%

0.090%

-18.18%

800.00%
5-year Treasury note 

0.744%

0.699%

4.06%

-10.36%
10-year Treasury note

1.742%

1.684%

3.32%

-6.89%
30-year Treasury bond

2.916%

2.871%

2.28%

0.93%
Currencies











U.S. Dollar Index

80.715

80.843

0.91%

0.24%
British pound

1.6005

1.5985

-0.82%

3.01%
(in U.S. $)

 








U.S. $ in pounds

£0.625

£0.626

0.82%

-2.92%
Euro in dollars

$1.28

$1.28

-1.10%

-1.06%
(in U.S. $)

 








U.S. $ in euros

€ 0.780

€ 0.781

1.11%

1.08%
U.S. $ in yen 

80.52

80.23

0.90%

4.43%
U.S. $ in Chinese

6.25

6.24

0.25%

-1.22%
yuan











Canada dollar

$1.008

$1.004

0.81%

2.79%
(in U.S. $)

 








U.S. dollar 

$0.992

$0.996

-0.73%

-2.72%
(in Canadian $)

 








Commodities

 

 

 

 
Gold (-GC)

$1,714.40

$1,683.200

-0.27%

9.42%
(per troy ounce)

 








Copper (-HG)

$3.506

$3.470

-0.33%

2.04%
(per pound)

 








Silver (-SI)

$32.0340

$31.128

-0.87%

14.76%
(per troy ounce)

 








Wheat (-ZW)

$8.77

$8.660

1.45%

34.35%
(per bushel)

 








Corn (-ZC)

$7.4100

$7.355

-1.95%

14.62%
(per bushel)

 








Cotton 

$0.7010

$0.704

0.04%

-23.54%
(per pound)

 








Coffee

$1.5060

$1.509

-2.62%

-34.42%
(per pound)

 








Crude oil (-CL)

$88.71

$85.650

2.86%

-10.24%
(per barrel)










 

701Comments
Nov 6, 2012 3:12PM
avatar
I agree with Gus

Go Obama......GO! 

Please...JUST GO!
Nov 6, 2012 3:07PM
avatar
YOU DIDN'T BUILD THAT
DON'T WANT TO PUNISH HER WITH A BABY
WE ARE GOING TO BANKRUPT COAL
ENERGY PRICES MUST RISE SIGNIFICANTLY
SHE IS A TYPICAL WHITE PERSON
WHERE YO DOLLA'S AT
CLINGING TO THEIR GUNS AND RELIGION
LIBYA COVER UP
FAST AND FURIOUS COVER UP
3,000,000 ILLEGALS MADE LEGAL BY EXECUTIVE ORDER
BILLIONS TAKEN FROM GM CREDITORS AND GIVEN TO THE UNION
FUNDAMENTALLY CHANGE AMERICA
Nov 6, 2012 3:03PM
avatar
democrates and black panthers at it again in philly?  I guess they are excused from breaking the law!
Nov 6, 2012 3:20PM
avatar
Obama may have a early lead now, but just wait until the republicans get off work...
Nov 6, 2012 3:15PM
avatar

Stocks jump as Americans head to the polls

Looks like Romney is winning....

 

You didn't build that......Oh Yeah, I build the sign which says: OBAMA, YOU ARE FIRED.

Nov 6, 2012 3:23PM
avatar
Just look at oil prices today, watch what gas prices do after today too. They UNEXPEDATELY fell just before the election, how convenient. Obama is the most crooked person that ever walked the planet. This country will be a has been if he gets re-elected, mark my words! He is a cheater and a liar!!!!!!
Nov 6, 2012 3:14PM
avatar

"This photo, taken by a voter this morning at the Ward 4, Precinct 37 polling place (1212 South Plymouth Court, Chicago), shows an election judge checking in voters while wearing an Obama hat," a source writes. "Chicago's 4th ward is home to President Barack Obama."

The voter who took the photo says: "Woman in front of me also given an extra ballot."

And the voter adds that she has in the past been an election observer abroad. "I had greater confidence votes mattered [in a foreign election in a transitioning country] than I did about my own vote today," says the voter.

Nov 6, 2012 3:15PM
avatar
Today your country needs your vote, tomorrow you go back to invisible again. Enjoy the brief recognition while it lasts.
Nov 6, 2012 3:22PM
avatar
Washington Times -

This morning, a legally credentialed poll watcher was threatened and intimidated while attempting to perform his legally allowed duties of observing the election process at precinct polling location 289 in Detroit. The poll watcher, a lawyer, was confronted by a voter in line, who demanded the poll watcher produce his credentials, which he did.

However, the voter said that wasn’t good enough and that he had “a badge and a gun” and told the poll watcher get out of the precinct. Rather than allow the situation to escalate, the poll watcher left before the voter produced a badge or brandished a gun. Fearing for his safety, the poll watcher exited and called 911, however the Detroit Police refused to respond to the call – neglecting the fact that a voter alleged to have a ‘badge’ and a ‘gun’ in a precinct, putting other voters at risk.



R
Nov 6, 2012 2:59PM
avatar
is today the last day to get stocks on sale? 
Nov 6, 2012 3:58PM
avatar
OBAMA LOVERS+ MONEY GRUBBERS!   Obama gives  our money to the poor while the poor sits on there ****'s!
Nov 6, 2012 4:23PM
avatar
THE MOST STUPID STATEMENT EVER BY A PRESIDENT-Unbelievable


THIS MOST UNBELIEVABLE PRESIDENT? HERE IS HIS RESPONSE WHEN HE BACKED OFF FROM HIS DECISION TO REQUIRE THE MILITARY PAY FOR THEIR WAR INJURIES. Bad press, including major mockery of the play by comedian Jon Stewart, led to President Obama abandoning his proposal to require veterans carry private health insurance to cover the estimated $540 billion annual cost to the federal government of treatment for injuries to military personnel received during their tours on active duty. The President admitted that he was puzzled by the magnitude of theopposition to his proposal.
"Look, it's an all-volunteer force," Obama complained. "Nobody made these guys go to war. They had to have known and accepted the risks. Now they whine about bearing the costs of their choice? It doesn't compute..." "I thought these were people who were proud to sacrifice for their country, "Obama continued "I wasn't asking for blood, just money. With the country facing the worst financial crisis in its history, I'd have thought that the patriotic thing to do would be to try to help reduce the nation's deficit..I guess I underestimated the selfishness of some of my fellow Americans.." Please pass this on to every one including every vet and their families whom you know. How in the world did a person with this Mindset become our leader?REMEMBER THIS STATEMENT: "Nobody made these guys go to war. They had to have known and accepted the risks. Now they whine about bearing the costs of their choice?" If he thinks he will ever get another vote from an Active Duty, Reserve, National Guard service member or veteran of a military service he ought to think it over.. If you or a family member is or has served their country please pass this to them. Please pass this to everyone. I'm guessing that other than the 20-25 percent hardcore liberals in the US will agree that this is just another example why 
This is the worst president in American history.Remind everyone over and 
Over how this man
Nov 6, 2012 3:15PM
avatar
Another typical MSN  campaign article for Obama just recited that the stock market went up 305 points on eleciton day 2008 but neglected to comment that it dropped 1,000 points 2 days later and another 1,000 points in the 2 weeks after that.  If you figure that on average the stock market should rise an average of 8% per year for risk plus risk free rate, the stock market should be at 12,672 today.  It is only slightly above that but how much would it be up if for not all of the money printing that inflated the market.  Stay in B rated bonds. That has done the best since 2004 and invest in east Asia until this nightmare of leadership is done.
Nov 6, 2012 3:19PM
avatar
TWIT

Open up a web browser window that does not begin with "MSN" or "CNN" or "NBC" and read.

It is already a land slide...foool. Commie Obamie is GONE.
Nov 6, 2012 4:36PM
avatar

Montana Cowboy

A Montana cowboy was overseeing his herd in a remote mountainous pasture
when suddenly a brand-new BMW advanced out of a dust cloud towards him.
 
The driver, a young man in a Bryony suit, Gucci shoes, Ray Ban
sunglasses and YSL tie, leans out the window and asks the cowboy, "If I
tell you exactly how many cows and calves you have in your herd, will
you give me a calf?"

The cowboy looks at the man, obviously a yuppie, then looks at his
peacefully grazing herd and calmly answers, "Sure, Why not?"

The yuppie parks his car, whips out his Dell notebook computer, connects
it to his Cingular RAZR V3 cell phone, and surfs to a NASA page on the
Internet, where he calls up a GPS satellite navigation system to get an
exact fix on his location which he then feeds to another NASA satellite
that scans the area in an ultra-high-resolution photo.

The young man then opens the digital photo in Adobe Photoshop and
exports it to an image processing facility in Hamburg , Germany.
Within seconds, he receives an email on his Palm Pilot that the image
has been processed and the data stored. He then accesses a MS-SQL
database through an ODBC connected Excel spreadsheet with e-mail on his
Blackberry and, after a few minutes, receives a response.

Finally, he prints out a full-color, 150-page report on his hi-tech,
miniaturized HP LaserJet printer and finally turns to the cowboy and
Says,
"You have exactly 1,586 cows and calves."

"That's right. Well, I guess you can take one of my calves," says the
cowboy.

He watches the young man select one of the animals and looks on amused
as the young man stuffs it into the trunk of his car.

Then the cowboy says to the young man, "Hey, if I can tell you exactly
what your business is, will you give me back my calf?"

The young man thinks about it for a second and then says, "Okay, why
not?"

You're a liberal Congressman for the U.S. Government," says the cowboy.

"Wow! That's correct," says the yuppie, "but how did you guess that?"

"No guessing required," answered the cowboy. "You showed up here even
though nobody called you; you want to get paid for an answer I already
knew, to a question I never asked. You tried to show me how much smarter
than me you are; and you don't know a thing about cows, this is a herd
of sheep.

"Now give me back my dog."

Nov 6, 2012 3:57PM
avatar
If I had a court order telling me to cover a sign at a polling station, I would.  Appears to me that certain people are just dumb or think they don't have to obey the law?  Typical profile of the left!
Nov 6, 2012 3:26PM
Nov 6, 2012 3:43PM
avatar

Why did CBS hold the video of Obama being a liar once again? I guess when you lie every time you open your mouth it is no longer news worthy.
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