The US stock market climbed higher in trading on Tuesday as voters rushed to the polls and the country awaited the results of a closely contested presidential election.

The S&P 500 rose about 1.2%. The Dow Jones Industrial Average rose more than 400 points and rose about 1%. The tech-heavy Nasdaq rose 1.4%.

Profits at big tech companies are helping to boost the market. Shares of Nvidia, an artificial intelligence chip maker, rose nearly 3% in early trading.

At market close, tech giants Meta and Amazon saw their shares rise about 2% each.

The Nasdaq briefly halted trading in Trump Media and Technology Group Corp, the media company of former President Donald Trump. The stock price fell rapidly over a 15-minute period in the afternoon, from $37 to $34. Shares eventually closed at $33.94.

The overall market rebound follows a wave of mostly positive economic news over the past week. Government data released last week showed robust economic growth over the past three months, alongside a continued cooling of inflation.

U.S. hiring slowed in October, but the impact of hurricanes and strikes likely caused an undercount of the number of workers in the country, data from the U.S. Bureau of Labor Statistics showed Friday.

Ivan Feinseth, market analyst at investment firm Tigress Financial, attributed the returns Tuesday to investors’ eagerness to get past the U.S. elections.

“The nightmare of endless elections and a contentious battle has consumed a lot of attention and attention. It’s almost over. Then it goes back to the fundamentals of the market,” Feinseth said.

Election Day gains extended a banner year for U.S. stocks. The SThe &P 500 and Nasdaq are each up more than 20% this year, while the Dow Jones is up about 11%.

The performance is due to enthusiasm about artificial intelligence, but also to resilient economic growth and expectations that interest rates would fall, Feinseth said.

The Federal Reserve cut its key interest rate by half a percentage point in September, reversing years of fighting inflation and providing relief to borrowers saddled with high costs.

The Fed is widely expected to cut rates by another quarter of a percentage point at its meeting on Thursday, according to the CME FedWatch Tool, a gauge of market sentiment.

Expectations of interest rate cuts among investors often send stocks higher, as lower interest rates pave the way for cheaper corporate loans and the potential for higher profits.

“The market is looking to the future and the Fed is now on the side of the bulls,” Feinseth said.

For the entirety of the next administration, the market is likely to rise regardless of whether the country elects Vice President Kamala Harris or former President Donald Trump, experts previously told ABC News. However, each candidate’s policies could favor different types of stocks while posing unique risks, she added.

Trump has proposed a combination of low corporate tax rates and loose regulations that would likely boost corporate profits and boost the stock market, experts said. Prices would likely rise under Harris, just as they have under President Joe Biden’s economic stewardship, she added.