Labor Wins Election - ASX Rallies

After a successful election at the weekend for the Labor party, the market responded positively by surging 141 points. A gain of 2.2% in market is a good indicator that the market was expecting a Labor victory. However, the US market on the Friday had gone up by approximately 2%.

Had the Australian market simply responded to the US as it typically does or was the election the over-riding factor? Would the market have gone up if the Liberals under John Howard have won?