(CNBC) -- Stocks jumped on Tuesday as investors hoped a clear winner would emerge from the U.S. presidential election and a delayed, or contested, result would be avoided.
The Dow Jones Industrial Average closed 554.98 points higher, or up 2.1%, at 27,480.03. The 30-stock average hit its high of the day in the session’s final minutes and briefly traded more than 700 points higher. The S&P 500 climbed 1.8% to 3,369.16 and the Nasdaq Composite advanced 1.9% to 11,160.57. It was the second-best Election Day performance for the S&P 500 on record.
Walgreens Boots Alliance and JPMorgan Chase both gained more than 4% to lead the blue-chip Dow higher. Industrial and financials were the best-performing sectors in the S&P 500, gaining more than 2% each.
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