By Leah Schnurr NEW YORK, Nov 4 (Reuters) - U.S. stocks climbed on Tuesday on Election Day that will resolve a key question overhanging the market and investors picked up shares at five-year lows amid further signs of easing in credit markets. Strong earnings from MasterCard Inc (MA.N: Quote, Profile, Research, Stock Buzz) and Archer Daniels Midland Co (ADM.N: Quote, Profile, Research, Stock Buzz) improved optimism about consumer spending and pricing power even as data points to a worsening slowdown. MasterCard, the world's second-largest card network, rose 14 percent after the company reported better-than-expected earnings late on Monday. Dow component American Express (AXP.N: Quote, Profile, Research, Stock Buzz) gained almost 5 percent. Economic bellwether General Electric (GE.N: Quote, Profile, Research, Stock Buzz) was the biggest boost on the Dow, rising more than 8 percent after the Wall Street Journal reported the Treasury Department is considering using more of its $700 billion rescue package to buy stakes in a wide range of financial companies, such as GE's GE Capital unit. The interest rates banks charge each other for short term loans also fell again, providing further hope that measures to shore up the credit markets are taking hold. But the presidential election was first and foremost on investors' minds, with market watchers noting there was some relief that the final outcome was within reach. "I think it's the sense of relief that the election is behind us and once again we can focus on the outlook for the economy and earnings," said Hugh Johnson, chief investment officer of Johnson Illington Advisors in Albany, New York. "There's a somewhat widespread belief that we may have seen the worst in the stock market in early October." The Dow Jones industrial average .DJI rose 299.40 points, or 3.21 percent, to 9,619.23. The Standard & Poor's 500 Index .SPX gained 34.94 points, or 3.62 percent, to 1,001.24. The Nasdaq Composite Index .IXIC was up 51.38 points, or 2.99 percent, at 1,777.87. GE gained 8.6 percent to $20.96. A spokesman for the company said that an investment from Treasury was not something GE expected, and an investment would be evaluated if it was offered. CIT Group (CIT.N: Quote, Profile, Research, Stock Buzz), which was also mentioned in the Wall Street Journal's report, shot up 35 percent at $6.10. MasterCard was up 14.1 percent at $164.28, while American Express rose 4.5 percent to $29.58. ADM jumped 16.5 percent to $24.58 after it posted a sharply higher profit, helped by higher selling prices and an accounting change. On the Nasdaq, Microsoft (MSFT.O: Quote, Profile, Research, Stock Buzz) was among the biggest boosters, rising 3.9 percent to $23.51. In economic news, data showed that new orders received by U.S. factories took a surprisingly steep tumble for a second month in a row during September, but the markets largely shrugged off the data. Also helping sentiment, Australia's central bank cut interest rates by a bigger-than-expected 3/4 point raising hopes of further global efforts to ease an economic slowdown. Central banks in the euro zone and the Bank of England meet later in the week and could add to global attempts to lower the cost of borrowing. (Editing by Kenneth Barry)

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