Stocks surge on presumed bush victory

[Lunchbox]

NEW YORK (AP) - Stocks surged Wednesday, with the Dow Jones industrials posting a triple-digit gain moments after the opening bell, as investors expressed relief following the election and what's widely believed to be a victory for President Bush.

 

In early trading, the Dow Jones industrial average was up 173.37, or 1.73 percent, at 10,209.10.

 

The broader gauges were also higher. The Standard & Poor's 500 index added 16.81, or 1.49 percent, to 1,147.37. The Nasdaq composite index rose 33.23, or 1.67 percent, to 2,018.02.

 

Besides the election, earnings reports boosted stocks.

 

Cigna Corp. (CI) added $2.15, or 3.4 percent, to $65.60 after reporting a 64 percent surge in third-quarter income on growth in the health insurer's indemnity business and sales gains in retirement benefits. The company also raised its earnings estimates for the full year.

 

The world's largest media company, Time Warner Inc. (TWX), added 34 cents to $16.62 despite an 8 percent slide in third quarter earnings.

 

The Russell 2000 index, which tracks smaller company stocks, was up 10.12, or 1.73 percent, at 595.56.

 

Overseas, Japan's Nikkei stock average surged 1.43 percent. In afternoon trading in Europe, France's CAC-40 added 0.38 percent, Britain's FTSE 100 added 0.56 percent and Germany's DAX index rose 0.52 percent.