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US stocks higher on Election Day

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Nov 08, 2022 - 10:52 PM

ANKARA (AA) – US stocks closed higher Tuesday on Election Day as investors brace for what is widely expected to be close races.

Americans headed to polling centers to vote for all 435 seats in the House of Representatives and 35 out of 100 in the Senate.

The Dow jumped 333 points, or 1.02%, to finish at 33,160. The S&P 500 added 21 points, or 0.56%, to 3,828.

The Nasdaq rose 51 points, or 0.49%, to close at 10,616.

The VIX volatility index, also known as the fear index, soared 5% to 25.58. The 10-year US Treasury yield, meanwhile, declined 1.6% to 4.144%.

The dollar index was down 0.4% to 109.65, but still around its highest in 20 years, while the euro added 0.5% to $1.0072 against the greenback.

Precious metals were on the rise, with gold adding 2.2% to $1,712 and silver increasing 2.7% to $21.36.

Oil prices were on the decline with global oil benchmark Brent crude trading at $95.65 per barrel, down 2.3%. US benchmark West Texas Intermediate was around $89.27 — down 2.7%.

Bitcoin and cryptocurrencies were in a major sell-off after crypto exchange firm, FTX, asked for the help of rival, Binance, because of liquidity issues, which instigated fears of the crypto market’s vulnerability.

The price of the world’s largest crypto by market size fell to as low as $17,167 at 2.33 p.m. EDT — its lowest level in almost two years.

The total value of the cryptocurrency market was down 12.4% to $909 billion at 4.03 p.m. EDT, according to data from the digital asset price-tracking website CoinMarketCap.

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