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Stock Futures Up on Early Election Tally
By Megan Davies NEW YORK (Reuters) - U.S. stock futures rose on Tuesday evening as Republican incumbent George W. Bush jumped ahead of Democratic Sen. John Kerry in an early tally of votes in the cliffhanger U.S. presidential election. Wall Street is seen as most comfortable with a Republican win, and some strategists project a dip in stocks on Wednesday if Kerry is elected. Bush is generally considered more friendly to big business, and investors could also be reassured by the prospect of a continuation of business as usual. However, strategists agree that an uncertain result on Wednesday would be most damaging to stocks. By late evening, S&P 500 futures rose 6.5 points to 1,137, above fair value accounting for dividends, interest rates and time to expiration on the contract. Nasdaq futures were 14 points higher at 1,512 in light volume. Polling places began closing at 7 p.m. EST, and major U.S. television networks were making calls from exit polls. Early projections culled from television networks showed Bush with an electoral vote count of 170, out of 270 needed to win, while Kerry held 112, according to data compiled by Reuters. Eighteen states voted for Bush, while 11 states voted for Kerry, according to US television networks. But races in key battleground states were too close to call. The political spotlight is on Florida and Ohio, both won by Bush four years ago and two of the biggest remaining toss-up states. "There's so many important states that haven't come in yet, like Florida, Ohio and Pennsylvania," said Hugh Johnson, chief investment officer at First Albany Corp. "The fact that S&P futures are moving higher is really not important until we get some idea if there is going to be a winner," Johnson said. "What the futures do after Florida, Pennsylvania and Ohio, assuming they make it somewhat clear who's going to be the winner, that will matter." Hong Kong stocks were slightly lower early on Wednesday as investors waited for the results of the U.S. election. (Additional reporting by Anna Driver)
Source: reuters.com