Wall Street Close: US Stocks higher ahead of the Georgia election results

US stocks finished higher on Tuesday as investors sought bargains from the selloff the day before and waited for the results of two Senate runoff races in Georgia. 

All but one of the 11 sectors of the Standard & Poor's 500 ended higher.

Unofficially, the Dow Jones Industrial Average added 177.52 points or 0.59%, to 30,401.41, the S&P 500 gained 27.37 points, or 0.74%, to 3,728.02 and the Nasdaq Composite ended higher by 124.30 points, or 0.98%, to 12,822.75. 

As for performers, it was the energy shares that took the market higher, surging 4.5%.

The Organization of the Petroleum Exporting Countries and its allies reached a deal to cut production beginning in February which fuelled a bid in the sector. West Texas Intermediate climbed 4.8% to $49.91 a barrel while international benchmark Brent gained almost 4.9% to $53.59 a barrel.

Meanwhile, the market's main benchmarks reversed the sharp decline made at the start of the year partly pressured as UK Prime Minister Boris Johnson ordered a lockdown in England.

However, the focus soon reverted back to the races in Georgia to determine the path for future federal tax policy and government spending. 

As of right now, the odds on PredictIt show a virtual dead heat. Polls in Georgia will close at 7 pm ET and then the counting starts.  

There's a possibility that recounts and legal challenges if preliminary results do not provide clarity on the winners or if the margins of victory are slim. 

If Republicans hold onto the Senate, they would wield veto power over Biden's appointees and his policy initiatives.