(CNBC) — U.S. stocks climbed on Wednesday, led by tech shares, even as the results of the presidential contest so far failed to yield a clear winner.
The Dow Jones Industrial Average jumped about 370 points, or 1.4%. The blue-chip benchmark surged more than 800 points at its session high. The S&P 500 rose 2.2%. The tech-heavy Nasdaq Composite popped 3.9% as investors crowded back into the trade that’s been working for most of this tumultuous year.
“I think the big news for the markets right now at least as it looks preliminary is that there’s not going to be a blue wave, which is generally supportive for markets,” said Mike Lewis, managing director of U.S. equity cash trading at Barclays, on CNBC’s “Squawk Box.” “I think that the outlook going forward for markets is this is going to be more about policy and the Fed than it’s going to be about politics, which is a good thing for markets.”
