Canadian investors showed their approval of the federal election results with both the Canadian dollar and the S&P TSX composite Index finishing the day in the black.

Wall Street, meanwhile, celebrated a positive report on consumer confidence pushing markets into the black, too.

The S&P/TSX added 29.65, or 0.35% to 8,498.52. The only market that fell today was the TSX Venture Exchange, which dropped 19.05, or 1.26%, to 1,553.92.

The Canadian dollar gained 0.08¢ to close at US74.34¢ as traders focused on the positive aspects of the Liberal election win on Monday and its implications.

In the U.S., the Dow Jones industrial average gained 56.34 points, or 0.54%, to 10,413.43. The Standard & Poor’s 500 Index gained 2.85 points, or 0.25%, to 1,136.20. The Nasdaq composite index gained 15.11 points, or 0.75%, to 2,034.93.

U.S. stocks got a boost from a report showing that consumer confidence hit a two-year high in June. However, significant gains were tempered by uncertainty over whether the the U.S. Federal Reserve will raise interest rates Wddnesday.

Meanwhile, Washington Mutual, the largest U.S. savings and loan company, hurt the banking sector by cutting its 2004 profit forecast and predicting rising long-term interest rates.

Key economic reports, other that tomorrow’s Fed decision include a report from the U.S. Institute for Supply Management on Thursday and U.S. payrolls on Friday.