* U.S. vote seen ending uncertainty for markets
* Election could open way to tackle "fiscal cliff"
* Energy sector leads gains
* Fashion firm Fossil drops after results
* Dow up 1 pct, S&P up 0.8 pct, Nasdaq up 0.5 pct
By Caroline Valetkevitch
NEW YORK, Nov 6 U.S. stocks gained steam on
Tuesday, with the Dow climbing 1 percent and the S&P 500 on
track for a second straight advance, as voters chose the next
Trading volume was expected to remain light as investors
awaited results of a close race that will set the country's
course for the next four years on spending, taxes, healthcare
and other policies.
Polls showed President Barack Obama and Republican
challenger Mitt Romney neck-and-neck, with a handful of
battleground states expected to decide the winner.
The outcome will affect industry sectors from
energy to financials.
"I think people are kind of feeling like, 'Hey, we're going
to have an answer to the election. The uncertanty is still
there, but we know that the end is very near," said Bryant
Evans, investment adviser and portfolio manager at Cozad Asset
Management, in Champaign, Illinois.
Investors will also closely watch races in the Senate and
House of Representatives that could affect the "fiscal cliff,"
or $600 billion in spending cuts and tax increases that are set
to be automatically triggered at the end of the year.
The U.S. fiscal standoff threatens to bring on another
recession unless a deal is reached between Congress and the
The energy sector was leading gains, with the S&P 500 energy
index up 0.9 percent, while United Technologies,
up 2.1 percent at $79.57, gave the biggest lift to the Dow.
The Dow Jones industrial average was up 141.84
points, or 1.08 percent, at 13,254.28. The Standard & Poor's 500
Index was up 11.18 points, or 0.79 percent, at 1,428.44.
The Nasdaq Composite Index was up 13.39 points, or 0.45
percent, at 3,013.05.
The gains came despite more disapointing results from U.S.
companies, with S&P 500 earnings estimated down 0.6 percent for
the third quarter from a year ago, Thomson Reuters data showed.
Fossil Inc slumped 12.7 percent to $82.16 after the
fashion accessories maker posted lower-than-expected quarterly
revenue due to a fall in sales in Europe and a stronger dollar.
Express Scripts Holding Co plunged 13.9 percent to
$54.15 and was the biggest drag on the Nasdaq after the pharmacy
benefits manager said analysts' forecasts for its 2013 results
were too aggressive, casting doubt on how well it is integrating
its $29 billion purchase of Medco Health Solutions Inc.
Zillow Inc tumbled 19.2 percent to $27.76 after the
real estate website forecast fourth-quarter revenue below
analysts' estimates. The company lost one of its larger
On the up side were shares of Emerson Electric Co,
which climbed 1.7 percent to $51.36 after the industrial
conglomerate posted adjusted earnings that topped Wall Street
expectations and said it will pursue a sale of its $1.4 billion
embedded computing and power business.