Stocks were sharply higher in late trading Tuesday, rebounding from the previous session's losses, as investors awaited the results of the tightly contested U.S. presidential election.

The Dow Jones Industrial Average and the other major stock indexes traded higher Tuesday, as Wall Street braced for today's presidential election results. Artificial intelligence giant Palantir Technologies soared on the stock market today after the company's earnings report.

U.S. stocks were lower after the close on Monday, as losses in the Utilities, Healthcare and Telecoms sectors led shares lower. At the close in NYSE, the Dow Jones Industrial Average lost 0.65%, while the S&P 500 index lost 0.