November 4, 2008
Prices soared by three percent or more on this Election Day. In the seven previous presidential election days since 1984*, these indices have fallen twice and increased four times. Moreover, all the changes, whether negative or positive, were relatively small. The largest gain was in 1984, when the DJIA rose 1.21 percent.
Todays results dwarf those previous Election Day results. The S&P500 shot up some 4.08 percent, while the DJIA followed with a 3.28 percent gain, and the NASDAQ increased 3.12 percent.
[*The NYSE closed on Election Day until the 1984 Presidential Election.]
Todays NASDAQ gain was its sixth positive day in a row. Placing this welcome development in perspective, note that this index has 183 such six-day runs in its history; four of these occurred in 2007. Moreover, the NASDAQ has had as many as 19 successive positive days, and has scored 51 runs of ten or more rising days in a row.
DJIA 3.28 percent
NASDAQ 3.12 percent
S&P500 4.08 percent