The US markets ended higher on Tuesday, adding to the gains posted in the previous session, as traders seemed to be hoping for a definitive outcome from today's presidential election. Democratic candidate Joe Biden holds a clear lead in national polls and is also leading in several key swing states in the race to defeat President Donald Trump. Traders seem optimistic that the results of the election will be known at the end of the night without the need for lawsuits and recounts. Meanwhile, Trump has repeatedly raised questions about the legitimacy of mail-in ballots and has not committed to a peaceful transition of power.
On the economic data front, new orders for US manufactured goods showed a significant increase in the month of September, according to a report released by the Commerce Department. The Commerce Department said factory orders jumped by 1.1 percent in September after rising by a revised 0.6 percent in August. Street had expected factory orders to surge up by 1.0 percent compared to the 0.7 percent increase originally reported for the previous month. The report said orders for durable goods spiked by 1.9 percent, while orders for non-durable goods rose by 0.3 percent. Shipments of manufactured goods increased for the fifth consecutive month, rising by 0.3 percent in September following a matching uptick in August.
Dow Jones Industrial Average rose 554.98 points or 2.06 percent to 27,480.03, Nasdaq gained 202.96 points or 1.85 percent to 11,160.57 and S&P 500 was up by 58.78 points or 1.78 percent 3,369.16.
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