Stocks Gain Early on Election Day

The moment of truth is here for Americans, as all over the nation blues and reds visit their polling stations to cast their ballot for the next 4 years of policy, control and decision making. While Democratica Senator Barack Obama continues to show a wide lead in National polls (almost 10 percentage points), Republican Senator John McCain is not giving up the fight just yet.

Stocks rallied this morning in anticipation of the election and what is represents as the closure of a long, stressful and attack-filled campaign. The richest political campaign in US history featured a little bit of everything including Senator Obama's half an hour television infomercial. Although the Republicans by all accounts have been badly outspent in this election they continue to move valiantly from city to city in battleground states in hopes of achieving a possible electorate number necessary for another 4 years in office.

Stocks gained ground on results from Mastercard (MA) as the world's second largest credit card company turned in an analyst-besting $2.37/share exclusing items, vs. the $2.25/share estimate. On the top line Revenue was $1.3Billion vs. the estimated $1.27Billion. Although seemingly every company reporting has a murky view of 2009, Investors are getting wise to the game and realizing that the kind of growth previously expected is just not viable in a down-trend given today's economic outlook. Mastercard was no different offering 2009 growth below their previous projections but by keeping expenses flat and under control MA was able to put a positive spin on next year. The stock rose nearly 11% in early trading.

What America needs and what the Stock Market needs is a decisive Presential victory so as to have the ability to set forth and push an agenda of economic and fiscal policy that will see growth return to the biggest market on the world stage. Judging by the National and State-wide polls, the electoral map and the market's advance, I would wager that the market will get its wish.

For investors, that wish needs to translate into a clear vision of recovery.

Disclosure: Author holds no position in MA