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, before pulling back slightly at the close.

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 presidential Election Day performance for the S&P 500.

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