Wall Street Waits for Wednesday

NEW YORK: Wall Street and Main Street don't always get along -- just watch the markets jump on news of rising unemployment -- but they're certainly of one mind this Election Day. Volume was low and volatility practically nonexistent on Tuesday as the Dow languished in single digits all morning. Were all the traders out voting? Not likely. TIME senior economics reporter Bernard Baumohl says the markets, just like the majority of Americans, are sitting tight and hoping that Washington doesn't screw up their contentment.

"The markets are quietly headed back toward record highs," says Baumohl. "Actions by Greenspan and the G-7 nations have calmed investors -- investors think the worst is behind them." And despite all the noise from Newt about a tax cut, Baumohl says that the last thing Wall Street wants is a big Republican victory. "That will encourage the GOP to keep up impeachment proceedings, which means two more years of political squabbling." And less attention to what Wall Street and Main Street both care most about: Their wallets.