[cnn-photo-caption image=
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NEW YORK (CNNMoney.com) - Global stocks traded higher and U.S. futures rose on Tuesday as Democratic presidential candidate Barack Obama was named the projected winner.
The Nikkei, the major index for the Tokyo Stock Exchange, rose 2.8 percent in early trading. The Hang Seng index in Hong Kong surged almost 6 percent at its open. The Australian All Ordinaries index was up nearly 2 percent.
Watch: A turning point in history
Americans turned out in record numbers to cast their votes for Democrat Barack Obama and Republican John McCain. At 11 p.m., CNN projected Obama as the winner over McCain in the electoral college.
Obama's substantial lead was providing optimism for global markets.
"From the world perspective, Obama is perceived as a better candidate and I think they are voting with their dollars," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago.