Stocks Up On Election Day; Elizabeth Arden Breaks Out

By SCOTT STODDARD, INVESTOR’S BUSINESS DAILY

Stocks rose in strong volume Tuesday, gaining for a second straight day, as the presidential election took place.

The Dow Jones industrial average climbed 1% and the S&P 500 0.8%. The Nasdaq rallied 0.4%, closing back above the 3000 level. Volume was 19% higher on the Nasdaq and 13% higher on the NYSE compared with Monday, according to preliminary numbers.

After the close, Rackspace Hosting (RAX) fell after reporting that Q3 profit rose 36% from a year ago to 19 cents a share, in line with expectations. Sales rose 29% to $319 million, also a bit ahead of forecasts. In the regular session, shares closed flat. The stock has found support at its 50-day line.

Elizabeth Arden (RDEN), which owns fragrance licenses for brands such as True Religion (TRLG), jumped 3%, breaking out above a 48.69 flat-base buy point in heavy volume.

The cosmetics company late Monday reported better-than-expected quarterly profit and sales thanks to new perfumes.

Arden’s Accumulation-Distribution Rating is a robust B+. Its Relative Strength line is at an all-time high.

Meanwhile, Randgold Resources (GOLD) jumped nearly 4%, rebounding off its 50-day line and climbing back above its 119.83 buy point. The U.K.-based miner benefited from rising gold prices Tuesday.

On Wednesday, energy inventories will be announced in the morning. In the afternoon, the consumer credit data for September are released.

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