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 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.

Industrial and financials were the best-performing sectors in the S&P 500, gaining more than 2% each.

S&P 500 futures rose slightly in volatile trading Wednesday as results of the presidential election rolled in without a clear winner yet. 

About 60 million voters sent their ballots in the mail due to the coronavirus pandemic, according to the U.S. Elections Project. This influx of mail-in voting has raised concern over the potential for a delayed election result.

Investors are also eyeing the key Senate elections which will determine if the so-called blue wave will take over Congress. Major policy shifts, including further fiscal stimulus, depend on which party has majority control.

Wall Street was coming off a solid session in which the major averages clawed back some of their sharp losses from the previous week. The Dow gained more than 400 points on Monday, while the S&P 500 and the Nasdaq rose 1.2% and 0.4%, respectively.
 

Plan B : Short if market failed to support above 3330. Targets are 3306, 3283 and 3251.

Futures for the Nasdaq 100 index, home to many tech stocks, outperformed, but broader market gains were capped as both candidates claimed they were on pace to winning.

Investors were also watching to see if Republicans would maintain their majority in the Senate.

Treasury Secretary Steven Mnuchin told CNBC’s Kayla Tausche a couple hundred attendees were watching the election results come in at the East Room, calling the mood “great.”

This week’s market moves come as investors hoped a delayed, or contested, U.S. presidential election result would be avoided and a clear winner would emerge Tuesday night.

Some investors were betting on a so-called blue wave, a scenario in which Democrats win the White House and retake a Senate majority. Some of those investors had been rotating out of tech stocks on the notion that Democrats would institute higher taxes that would hit those shares. The theory is that investors would sell winning tech stocks before higher capital gains taxes were implemented. A Trump win, or Republicans maintaining a Senate majority, would make that scenario less likely.

Plan B : Short if market failed to support above 11595. Targets are 11558, 11519 and 11481.
 

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Plan A : Attempt buy if oil price trades firmly above 38.0. Targets are 38.9 and 39.5

Plan B : Consider short if oil price surges but fails to breach above 38.9. Targets are 38.2 and 37.0