Market waits for decision on presidential election

 

Stocks slumped yesterday though gains in selected blue chips lifted the Dow Jones Industrial average, as investors focused on specific names while awaiting a ruling from America's highest court that is likely to determine the next president.

"Some sort of final decision on the election is what the market is really looking for right now," said Peter Cardillo, director of research at brokerage Westfalia Investments.

Wall Streeters were also marking time ahead of key economic data on retail sales and inflation due later this week, strategist said.

Lacklustre outlooks from Eastman Kodak and General Motors, both among the Dow 30, failed to evoke concerns about slowing US growth, and investors sent the two Dow components higher, just as Intel rose late last week after warning about softening sales.