Stocks rose with the final stretch of voting under way for Election Day, as investors weighed a host of possible outcomes against a backdrop of an ongoing pandemic and lingering economic strain.

The Dow added more than 550 points, or 2%, as of Tuesday’s close following a rally of more than 420 points, or 1.6%, during Monday’s session. That marked the index’s best gain since July. The S&P 500 and Nasdaq each also gained.

A number of analysts cautioned against making drastic bets on the direction of the stock market post-election, especially given the volatile moves that ensued during and after the 2016 presidential election. During the overnight session following Election Day 2016, as states were being called, S&P 500 futures slumped 5% to trigger “limit-down” and prevent further losses – but the index recuperated these declines to close more than 1% higher at the end of the first regular session post-Election Day.

“The experience of 2016 suggests that investors should be careful about taking strong positions on political outcomes and, worse, mechanically translating those to market outcomes,” Neil Shearing, chief economist for Capital Economics, said in a note Monday. “Back then, the consensus was that Trump was unlikely to win, but if he were to prevail then his rhetoric on trade and ‘carnage in America’ would spell disaster for equity markets. We all know what happened next.”

And given a surge in the number of early and mail-in voters this year, the results of the election and winners of the White House and Senate may not become clear until at least later this week. As of Tuesday morning, more than 100 million Americans had cast votes early for the general election, according to the U.S. Elections Project, for a sum well over two-thirds the number of voters who turned out in the entire 2016 general election.

Based on national polling as of Monday, former Vice President Joe Biden had an edge on President Donald Trump to come out victorious after the election. However, his lead narrowed considerably when looking at key swing states versus the national polls, leaving a path to victory for the incumbent as well. According to Quinnipiac’s final pre-election poll released Monday, Biden had a wide lead nationally with 50% of likely voters supporting him versus 39% for Trump. But the poll showed that in Florida, 47% of likely voters supported Biden versus 42% for Trump, and in Ohio, 47% supported Biden and 43% supported Trump.

But the winner of the White House will not be the only factor of consequence to markets: The combination of which party takes the presidency and Senate is also set to play a major role in what policies become law, in turn setting the stage for a host of impacts to corporate America.

“We see fiscal policy as the most critical area to watch, as it has been helping to sustain the economy through the COVID shock. The two Biden victory scenarios look very different through this fiscal lens, in our view,” BlackRock analysts said in a note Monday. “We believe a Democratic sweep could pave the way for a new round of large-scale fiscal stimulus and boost spending on clean energy, transport and housing. It may also bring higher taxes for companies and the wealthy.”

“A Biden win with a Republican-controlled Senate would likely lead to much less fiscal stimulus, little public investment and no major tax changes,” the analysts said. “Fiscal stimulus under a second Trump term may lie somewhere between these two scenarios, we believe, while public investment could be similarly small as under a Biden divided government.”

“We believe a ‘tax-centric’ election analysis — with a Democratic sweep seen as a market negative, and divided government a positive — is too simplistic,” they added. “Investors would have to balance higher taxes and tighter regulation of a Democratic sweep with greater fiscal support and more predictable foreign policy. We see the main implications of this scenario in fixed income and leadership in equity markets. It could push long-term rates modestly higher and bring forward the market pricing of the higher inflation regime that we were already reflecting in our strategic asset views.”

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4:10 p.m. ET: Stocks surge, Dow gains 555 points, or 2.1%, for best session since July with Election Day under way

Here were the main moves in markets as of 4:10 p.m. ET:

• S&P 500 (^GSPC): +58.92 (+1.78%) to 3,369.16

• Dow (^DJI): +554.98 (+2.06%) to 27,480.03

• Nasdaq (^IXIC): +202.96 (+1.85%) to 11,160.57

• Crude (CL=F): +$1.01 (+2.74%) to $37.82 a barrel

• Gold (GC=F): +$15.10 (+0.80%) to $1,907.60 per ounce

• 10-year Treasury (^TNX): +3.3 bps to yield 0.8820%

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2:21 p.m. ET: Stocks hold onto advances as industrials and financial lead

The three major indices continued to hold sharply higher Tuesday afternoon, pacing toward a second straight session of solid gains.

The industrials and financials sectors led advances in the S&P 500, and energy was the only sector in the red. Big banks JPMorgan Chase and Goldman Sachs were the leaders in the Dow, followed by Walgreens Boots Alliance and Boeing.

Here were the main moves in markets, as of 2:21 p.m. ET:

• S&P 500 (^GSPC): +57.57 points (+1.74%) to 3,367.81

• Dow (^DJI): +521.14 points (+1.94%) to 27,446.19

• Nasdaq (^IXIC): +191.46 points (+1.74%) to 11,149.71

• Crude (CL=F): +$1.10 (+2.99%) to $37.91 a barrel

• Gold (GC=F): +$14.80 (+0.78%) to $1,907.30 per ounce

• 10-year Treasury (^TNX): +3.8 bps to yield 0.881%

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10:53 a.m. ET: Stocks extend gains, Dow adds more than 600 points

The three major indices extended gains Tuesday mid-morning, and the Dow added more than 600 points, or 2.3%. Shares of Walgreens Boots Alliance, Goldman Sachs and Cisco Systems led gains in the index.

The S&P 500 and Nasdaq followed shortly behind the Dow. The blue-chip index gained more than 2%, or 70 points, while the Nasdaq added nearly 2%, or 214 points.

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10:14 a.m. ET: Alibaba shares tumble after China puts Jack Ma’s Ant Group IPO on pause

Chinese financial technology company Ant Group has had its $35 billion share sales put on pause in both Shanghai and Hong Kong following a meeting between co-founder Jack Ma and Chinese officials, according to statements from the Shanghai Stock Exchange and Ant Group on Tuesday.

The decision to put the listing – which had originally been scheduled for Thursday – on hold was due to “changes in the financial technology regulatory environment and other major issues,” the Shanghai Stock Exchange said in a statement. Ant Group confirmed in a statement Tuesday that its Hong Kong Stock Exchange listing was also being suspended.

Shares of Alibaba (BABA), which has a stake of about one-third of Ant Group, tumbled by more than 7% Tuesday morning in New York.

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10:01 a.m. ET: Factory orders rise for a fifth straight month in September

U.S. orders for new manufactured goods rose more than expected in September, as a pick-up in manufacturing sector activity continued after the spring..

Orders rose 1.1% in September over August, following a revised 0.6% month gain during the prior period, according to the Commerce Department’s monthly report. Consensus economists were looking for a rise of 1.0%, according to Bloomberg data.

Excluding transportation orders, factory orders increased 0.5% in September after an upwardly revised 0.9% jump in August.

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9:31 a.m. ET: Stocks open higher with Election Day under way

Here were the main moves in markets, as of 9:31 a.m. ET:

• S&P 500 (^GSPC): +33.10 points (+1.00%) to 3,343.34

• Dow (^DJI): +329.79 points (+1.22%) to 27,254.84

• Nasdaq (^IXIC): +78.87 (+0.72%) to 11,039.59

• Crude (CL=F): +$1.43 (+3.88%) to $38.24 a barrel

• Gold (GC=F): +$14.70 (+0.78%) to $1,907.20 per ounce

• 10-year Treasury (^TNX): +3.3 bps to yield 0.881%

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8:26 a.m. ET: Wayfair shares jump more than 10% in early trading as home-improvement boom pushes sales higher

Wayfair (W) on Tuesday reported a 67% jump in third-quarter net revenue to $3.84 billion, as people working and going to school from home continued to turn to the online furniture store for home improvement projects.

The company also swung to a profit of $2.30 per share on an adjusted basis, after posting a loss in the same quarter last year. Consensus analysts had been looking for a profit of 85 cents per share, according to Bloomberg data.

Active customers jumped by more than 50% to 28.8 million, and orders delivered surged 73% to 15.8 million.

“Category momentum is vibrant, demand is moving online at an accelerated pace, and we expect the home to be even more important than usual when it comes to celebrating the holidays this year,” CEO Niraj Shah said in a statement.

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7:26 a.m. ET: Crude oil’s decline this year dents profitability at the world’s largest oil company

Saudi Aramco (2222.SR), the largest oil company in the world, reported a 44% drop in net income to $11.8 billion for the three months ended September 30, as a drop in demand for oil cut into profitability at the Saudi state-owned company. Both Brent and U.S. crude oil prices (BZ=F, CL=F) have slumped by more than 37% for the year to date.

Despite the drop in profit, the company increased its dividend by 40% to $18.75 billion during the quarter, in a bid to bring on and keep investors despite the tough operating environment for major oil companies.

Still, Saudi Aramco CEO Amin Nasser said Tuesday the company “saw early signs of a recovery in the third quarter due to improved economic activity, despite the headwinds facing global energy markets.”

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7:20 a.m. ET Tuesday: Stock futures extend gains, Dow futures add 400+ points

Here were the main moves in markets, as of 7:20 a.m. ET Tuesday:

• S&P 500 futures (ES=F): 3,344.5, up 44 points or 1.33%

• Dow futures (YM=F): 27,243.00, up 447 points or 1.67%

• Nasdaq futures (NQ=F): 11,135.75, up 72.5 points or 0.66%

• Crude (CL=F): +$1.32 (+3.59%) to $38.13 a barrel

• Gold (GC=F): +$10.10 (+0.53%) to $1,902.60 per ounce

• 10-year Treasury (^TNX): +1.7 bps to yield 0.865%

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6:05 p.m. ET Monday: Stock futures tick higher ahead of Election Day

Here were the main moves in markets, as of 6:05 p.m. ET Monday:

• S&P 500 futures (ES=F): 3,308.00, up 7.5 points or 0.23%

• Dow futures (YM=F): 26,877.00, up 81 points or 0.3%

• Nasdaq futures (NQ=F): 11,082.25, up 19 points or 0.17%

Watch: What is a budget deficit and why does it matter?

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