Wall Street enjoyed its best Presidential Election Day rally in modern history on Tuesday as voters decide who will take the helm amid the worst financial crisis since the Great Depression.

Today’s Market

The Dow Jones Industrial Average jumped 305.45 points, or 3.28%, to 9625.28, the broader S&P 500 added 39.45 points, or 4.08%, to 1005.75 and the Nasdaq Composite picked up 53.79 points, or 3.12%, to 1780.12. The consumer-friendly FOX 50 gained 27.87 points, 3.77%, to 766.84.

“The market is thought of as a predictor. That’s a good sign that no matter who it is, I think we’re well on our way to recovery," NYSE trader Doreen Mogavero of Mogavero, Lee & Co. told FOX Business. 

Tuesday's triple-digit rally was easily the Dow's best performance on Election Day since Ronald Reagan squared off against Walter Mondale in 1984, the first time the markets weren't closed for voting. Taking into account elections going back to 1940, Tuesday's gains were the strongest immediately preceding election results on record. 

Aside from the unfolding electoral drama, the markets were also reacting to a $7 jump in crude oil prices, the biggest one-day plunge for the dollar in 13 years, new evidence of thawing credit markets and soaring global stock markets. 

All but one of the 30 components on the Dow ended in the green on Tuesday, led by General Electric (GE) and Caterpillar (CAT). Telecoms AT&T (T) and Verizon (VZ) also rose sharply for a second straight day. Hewlett-Packard (HPQ) struggled to gain traction, however, ending with modest losses.

While many on Wall Street say the markets have already priced in a victory by Sen. Barack Obama in the race to succeed President Bush, traders are closely watching to see if the Democrats win a filibuster-proof 60 seats in the Senate. 

In any case, the markets widely expect the giant political question mark hovering over Wall Street to be removed within hours. The stakes were raised as Tuesday's voting took place during a period of great economic uneasiness and after one of the most widely watched and longest presidential campaigns in history.

“I really think this morning’s bounce is optimism over today’s election and the fact that there will obviously be new leadership in Washington, no matter which party it is,” said Ryan Detrick, equities analyst at Schaeffer’s Investment Research. “Tomorrow that will be one more uncertainty out of the way. Obviously that’s good.”

Tuesday's strong performance comes in contrast to slight losses on the Dow in each of the past two presidential elections. 

"It's election euphoria as the end is in sight…Now we can get back to business," said Kenneth Polcari, managing director at ICAP Equities. "The sense of excitement for this very historic day will soon dissipate and the country will have to focus on the issues at hand." 

Credit Markets in Focus

The three-month Libor rate, a widely watched gauge of banks’ willingness to lend to each other, tumbled to 2.85875 on Monday -- the lowest level since September 15. Other rates slid to levels unseen since before the collapse of Lehman Brothers, an indication banks have grown less scared to lend.

The Treasury Department's cash injection program -- widely credited with helping to ease the tension in the credit markets -- could soon be expanded to include other financial companies such as the financing arm of General Electric and commercial-finance company CIT Group (CIT), The Wall Street Journal reported. The controversial program has already been used by banking giants like Goldman Sachs (GS) and JPMorgan Chase (JPM).

Wall Street received bullish cues overnight from global markets as Japan’s Nikkei 225 surged 6.3% and the Dow Jones Euro Stoxx closed up 5.6%.

On the earnings front, Archer Daniels Midland (ADM) more than doubled its quarterly profit to $1.63 per share as sales jumped 65% jump to $21.16 billion, easily beating the Street. Analysts had expected a much more modest profit of 69 cents per share. 

Crude Touches $70, Greenback Plunges

Energy stocks soared on Tuesday as crude oil futures had their best performance in six weeks on a report that Saudi Arabia made “substantial” cuts in production. The price of a barrel of crude closed at $70.53, up $6.62 on the day. Saudi Arabia, the world’s largest oil exporter, slashed daily production by 900,000 barrels in August, an industry source told Reuters. 

Crude was also lifted by the plunging U.S. dollar, which had its worst day against the euro since the currency debuted in 1999. The greenback also suffered its worst performance against a basket of currencies in 13 years. The dollar was down 2.84% to $1.2962 per euro by Tuesday afternoon. 

Data Dump

The markets stayed strong even after the Commerce Department reported a record decline in September U.S. factory orders. The government said total orders slid 2.5%, compared to a much more modest 0.6% economists had forecasted. Excluding transportation orders, factory orders fell by an even sharper 3.7% in September.  

The report was consistent with a plethora of economic data that has showed the U.S. economy has collapsed under the weight of the housing slump and credit crisis. Last week the government said the nation's third-quarter gross domestic product declined by 0.3% -- the sharpest contraction since 2001. 

Corporate Movers

Google (GOOG) and Yahoo! (YHOO) amended their search-advertising deal in an effort to appease anti-trust regulators considering a suit against the agreement, The Wall Street Journal reported. 

MasterCard (MA) surged double-digit percentages after the credit card giant posted a stronger-than-expected adjusted-profit of $2.47 per share on $1.34 billion in revenue. 

Amylin Pharmaceuticals (AMLN) plummeted to 52-week lows after the drug maker said the FDA rejected data for a new version of its diabetes drug Byetta, potentially delaying the medicine. 

UBS (UBS) confirmed its quarterly loss of $252 million for the third quarter and warned of more potential trouble in the current quarter due to economic strains and the credit crisis.

Dell (DELL) is laying out another round of cost-cutting moves, including a hiring freeze, voluntary severance packages and cutting travel expenses, The Wall Street Journal reported.

Viacom (VIA) rose sharply a day after the parent of MTV and Comedy Central beat the Street with third-quarter adjusted-earnings of 55 cents per share.

AK Steel (AKS) cut its fourth-quarter shipment and profit forecasts, citing weak economic conditions in the U.S. and around the world. 

Tune to FOX Business starting at 6 p.m. for live Election Day coverage, hosted by FOX Business' Neil Cavuto. FOXBusiness.com will also run streaming Election Day starting at 6 p.m. as well, hosted by Cheryl Casone.