Elections to trump economic calendar

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There are no economic events on today's calendar, and attention will likely focus on politics.

The big event will be the U.S. presidential election, with most analysts expecting a positive response if Republican Mitt Romney defeats incumbent Democrat Barack Obama. Results of the election won't be known until after the market is closed, so it could have more impact tomorrow than today.

Also tomorrow, Greece's parliament will vote on unpopular austerity measures needed for the country to emerge from its debt crisis. If Romney wins and the Greek legislation passes, stocks could rally, while the opposite could be true if Obama prevails and the austerity package fails.

Economic data will return to relevance on Thursday with the release of weekly jobless claims, followed by consumer sentiment Friday morning.

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