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Wall Street soars as U.S. presidential election kicks off
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08:23, November 05, 2008

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Wall Street enjoyed a big Election Day rally Tuesday, after MasterCard Inc. and Archer Daniels Midland Co. reported better-than- estimated earnings.

Americans began voting for a new president Tuesday. Analysts generally do not believe that one candidate would boost the market more than the other. However, the end of the election will remove some uncertainty from Wall Street.

The U.S. Commerce Department said factory orders fell 2.5 percent in September, much worse than the 1 percent decline analysts had predicted.

However, the key bank-to-bank lending rate known as the London Interbank Offered Rate, or Libor, fell for the 17th day in a row. Libor on three-month dollar loans dropped to 2.71 percent from 2.86 percent Monday.

MasterCard, the world's second biggest credit-card company, rallied strongly, saying higher overseas revenue boosted profit. ADM, the world's largest grain processor, rose over 10 percent as rising commodity prices sent earnings to more than double.

The Dow Jones rose 259.41 to 9,579.24. Broader indexes also rose strongly. The Standard & Poor's 500 index advanced 33.85 to 1,000.15 and the Nasdaq rose 46.76 to 1,773.09.

Source: Xinhua

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