(CNBC) — U.S. equities closed higher on Tuesday, led by utilities, as investors eagerly awaited the results of the U.S. presidential election.
"We're trying to regain what we lost," said Art Hogan, chief market strategist at Wunderlich Securities. "The concern [in the market] is we don't get a consensus outcome," where the Democrats keep the White House and take the Senate, while Republicans retain a majority in the House. "Any result outside of that ... is a negative for the market."
The Dow Jones industrial average rose more than 100 points before closing about 73 points higher with 3M and Travelers contributing the most gains. The index also broke above its 50-day moving average and traded lower earlier in the session.
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