Whichever presidential candidate wins however, they will have to deal with the upcoming fiscal cliff facing the country. In Europe, the FTSE gained 46 points (+0.8%) to settle at 5885, whilst the DAX (+0.7%) and CAC (+0.9%) were also stronger.
In the US, the Dow Jones gained 133 points (+1%) to settle at 13246, whilst the broader S&P added 11 points (+0.8%) and the Nasdaq increased 12 points (+0.4%).
Commodities also gained, tracking the risk on sentiment in equity markets. Oil gained 3.6% to settle at $88.71 a barrel due to an apparent supply shortage caused by oil refinery shutdowns in the East Coast.
Gold jumped the most in seven weeks, tracking gains in equities and commodities, on speculation that the US will take additional measures to spur economic growth, regardless of the winner in today’s presidential election.
Copper futures posted the biggest gain in almost three weeks on speculation that demand will rise in China, the world’s biggest consumer of industrial metals, as new leaders take steps to boost the economy.
The yen gained against the euro as investors sought the safety of the currency due to concerns about the approval of Greece’s austerity measures as it seeks aid from euro countries.