Light trading expected as investors await outcome of nail-biter; crude oil falls.
November 2, 2004: 6:22 AM EST
NEW YORK (CNN/Money) - Wall Street, along with the rest of America, is likely to be holding its breath Tuesday.
Stocks looked set to move higher early Tuesday as oil fell back below $50 a barrel but light trading is expected as investors await the outcome of the hotly contested presidential election. There's little corporate or economic news scheduled that could move markets.
Stock futures rose modestly, pointing to a higher opening for Wall Street.
Oil fell, with U.S. light crude off 12 cents at $49.91 a barrel in electronic trading, after closing Monday at $50.13 a barrel, down more than 3 percent. Oil briefly traded below $50 Monday. Brent oil futures fell 21 cents to $46.85 a barrel in London,
One concern for investors is that the close race will result inno clear winner even after the voting ends.
Stocks lost ground over the six weeks that the outcome of the 2000 election was uncertain, and some experts believe that with both parties armed with lawyers monitoring the voting, a disputed outcome is a strong possibility again this year.
As for Tuesday's trading, light trading volumes normally adds volatility to markets.
Despite the election uncertainty, the drop in oil helped lift U.S. stocks slightly Monday.
Asian markets closed higher in light trading ahead of the U.S. election, and European markets were also mostly higher in early trading.
Treasury prices fell, sending the 10-year note yield up to 4.10 percent from 4.07 percent late Monday.
In currency markets, the dollar rose against the euro and was little changed against the yen.
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