US stocks rally after Bush wins presidential election
Stocks rallied on Wednesday as President George W Bush won re-election after Democratic challenger John Kerry conceded in an extraordinarily close presidential election.
With Bush seen as more pro-business than Kerry, Wall Street welcomed the prospect of the Republican administration remaining in place for four more years.
Shares of major US drug and defence companies rose, as a Bush win would mean a continuation of policies favourable to those sectors.
Drug company Pfizer Inc's stock rose more than four per cent, lifting the S&P 500 index, while shares of defence contractor and commercial airplane maker Boeing Co rose 3 per cent, helping the Dow.
The Dow Jones industrial average was up 134.58 points, or 1.34 per cent, at 10,170.31. The Standard & Poor's 500 Index was up 14.99 points, or 1.33 per cent, at 1,145.55. The technology-laced Nasdaq Composite Index was up 25.94 points, or 1.31 per cent, at 2,010.73.
An aide said Kerry phoned Bush late in the morning to concede the contest after a delay caused by uncertainty over the outcome of voting in Ohio. Kerry is expected to make a statement at 1800 GMT. Bush is expected to speak at 2000 GMT.