NEW YORK (CNNMoney) -- U.S. stocks rose at the open Tuesday as voters headed to the polls on Election Day.
The Dow Jones industrial average added 0.4% and the S&P 500 gained 0.2%. The Nasdaq rose 0.1%.
Stocks are expected to trade in a narrow range as investors await the nation's election results. The outcome will set the tone for the debate over how to address the so-called "fiscal cliff" of tax hikes and spending cuts that goes into effect in January unless Congress acts. If lawmakers fail to address the fiscal cliff, they risk throwing the U.S. economy back into a recession.
While the latest national polls show that President Obama and Republican opponent Mitt Romney are neck-and-neck, the former Massachusetts governor is an overwhelming favorite of Wall Street, according to a CNNMoney survey of investment strategists and money managers.
Those who back Romney say that the country needs new leadership and new policies to address the fiscal cliff. They also say the candidate's promises to ease up on regulation and slash tax rates will benefit Corporate America.
Meanwhile, those who are supporting another four years for the Obama administration argue that a Romney victory would bring more uncertainty about whether the Federal Reserve's loose monetary policies, which have been credited for boosting the market during the past three years, would continue. Romney has been highly critical of Fed chairman Ben Bernanke.
Related: Wall Street backs Romney
In corporate news, Fossil (FOSL) posted quarterly earnings that beat forecasts, but revenue fell short of estimates, sending shares of the accessories maker lower.
Zillow (Z) shares dropped sharply after the real estate website delivered a weaker-than-expected revenue outlook for the rest of the year.
AOL (AOL) shares rose after the company delivered strong earnings and revenue results, as advertising sales climbed 7% during the quarter.
Office Depot (ODP, Fortune 500) swing to a loss in the third quarter, as the company's sales fell 5%. But excluding certain charges, the office supply chain beat earnings expectations, sending shares higher.
Shares of Express Scripts (ESRX, Fortune 500) sank after the healthcare management firm said analysts' estimates for its 2013 earnings were "overly aggressive."
DirecTV (DTV, Fortune 500) shares edged lower after the company lost more subscribers than expected during the third quarter, and missed earnings estimates. The company was hurt by its dispute with Viacom (VIA) earlier this year, which blacked out channels including Comedy Central, MTV and Nickelodeon for 20 million DirecTV customers.
News Corp. (NWSA, Fortune 500) is on tap to report results after the bell.
U.S. stocks closed higher Monday.
Fear & Greed Index
Across the Atlantic, Greek lawmakers are expected to vote this week on reforms aimed at securing much-needed financial support, and the European Central Bank meets Thursday for its monthly policy discussion.
Related: Greece's misery won't end with bailout vote
European stocks were higher in afternoon trading. Britain's FTSE 100 and the DAX in Germany rose 0.6%, while France's CAC 40 added 0.4%.
Asian markets closed lower. The Shanghai Composite lost 0.4%, the Hang Seng in Hong Kong slipped 0.3%, and Japan's Nikkei declined 0.4%.
Currencies and commodities: The dollar fell against the euro, the British pound and the Japanese yen.
Oil for December delivery rose 97 cents to $86.62 a barrel.
Gold futures for December delivery gained $8.50 to $1,691.70 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury edged lower, pushing the yield up to 1.71% from 1.68% late Monday. 
First Published: November 6, 2012: 9:39 AM ET
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