Stocks have shown a notable move to the upside in recent trading on Friday, with the Dow and the S&P 500 jumping above the unchanged line. The upward move comes amid reports that Iranian president Mahmoud Ahmadinejad has been unseated.
The buying interest came after Reuters reported that former Iranian Prime Minister Mirhossein Mousavi has claimed victory in the Iranian presidential elections, although Ahmadinejad has since claimed victory as well.
Earlier reports indicated that voters in Iran displayed great interest in the country's presidential election, with an unprecedented turnout reported from polling stations.
In Tehran, long lines of voters formed even before the polling stations were opened. Iran's youth, making up a significant part of the 46.2 million-strong electorate, were expected to play a major role in determining who will head the Islamic nation.
Following the upward move, the major sector indices are turning in a roughly mixed performance. While strength is visible among real estate, railroad, and utilities stocks, resource, healthcare, and semiconductor stocks remain under pressure.
The major averages are also mixed, with the Dow and the S&P 500 clinging to modest gains. While the Nasdaq remains down 10.33 at 1,852.04, the Dow is up 24.18 at 8,795.10 and the S&P 500 is up 0.15 at 945.04.
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