US stocks surged as a gust of optimism swept through global equity markets as millions of Americans headed to vote. The dollar weakened, yields rose and crude oil increased by the most in a month.
The S&P 500 jumped more than 2% amid growing bets that banks and oil companies are among sectors poised for gains after the election. The benchmark index has swung more than 1% in six of the past seven trading sessions. Meanwhile, Alibaba Group Holding Ltd.’s U.S.-traded shares tumbled as much as 9.7% after China halted the initial public offering of Ant Group Co., in which Alibaba owns about a one-third stake.
