- Markets gear up for climax of presidential race- Economic data disappoints- Corporate earnings impress, Resolution leads risers after upgradeThe UK stock market shrugged off some disappointing economic data to finish Tuesday's session with decent gains as a barrage of updates and results from some heavy hitters impressed.However, the mood was cautious with all eyes turning to the eagerly-awaited presidential election which comes to an end today. Polls show a tight race between current Democratic President Barack Obama and Republican candidate Mitt Romney. Whoever wins will have to urgently address the 'fiscal cliff' as spending cuts and tax increases are scheduled to come into effect in the next few months.Jason Hollands, the Managing Director at Bestinvest, said that the conclusion of the election could herald the first step towards "renewed business confidence". He said: "A resolution of the 'fiscal cliff' would create the potential for a relief rally in US equities. We think a deal will ultimately happen: probably by reinstating Bush-era tax cuts. Much US business activity has simply been put on hold for months, from hiring through to M&A activity."With high levels of cash on their balance sheets, US companies look well positioned to either engage in corporate activity once some of the political and economic uncertainty is removed. If they can't find better uses for their cash, then expect a continued improvement in dividend pay-outs, which makes the US a potentially more interesting place for income seekers."UK and European data paints a gloomy pictureUK industrial production registered a contraction of 1.7% month-on-month in September (-2.6% year-on-year), missing consensus estimates for a fall of just 0.6%m/m (-1.6% y/y). Meanwhile, UK retail sales rose by 1.5% m/m in October, but fell by 0.1% y/y, in value and like-for-like terms, according to the latest data from the British Retail Consortium (BRC). Meanwhile, the Eurozone service-sector PMI fell from 46.2 to 46.0 in October, below expectations of a flat reading. Meanwhile, the composite PMI, which measures services and manufacturing combined, fell from 45.8 to 45.7. Market analyst Michael Hewson from CMC Markets said: "Given that most of today's European economic data has been nothing short of woeful you could be forgiven for thinking that markets would be trading lower today. "Fortunately investors appear to be focusing on the better-than-expected performances of companies that have been reporting their latest numbers today with the stand-out performer being BMW latest numbers as the company posted a record Q3 profit, boosted by sales in China and Japan. Better-than-expected numbers from high street retailers Marks & Spencer and Primark have also helped."FTSE 100: Resolution gets boost from Merrill LynchResolution was the standout performer in the sector today after Bank of America Merrill Lynch raised its rating on the stock from 'neutral' to 'buy'. The US broker cited an attractive dividend yield as one of the reasons behind the move. Sector peer Admiral has continued to lose steam after disappointing with its third-quarter revenues at the end of last week. Lloyds was also rising on the back of reports the company is looking to sell its 60% stake in St James's Place, a move that would raise around £1bn. Security group G4S was in demand after saying its financial position continues to be strong and it "remains on track to meet its cash conversion target of 85% of PBITA [profit before interest, tax and amortisation] for the full year." Chip designer ARM jumped after saying that it is leading a consortium which is to acquire the patent portfolio of MIPS Technologies, the US semiconductor design company, in order to reduce the risk of expensive patent infringement suits in the chip design industry. Babcock's share price took a hit today despite the engineering support services group reporting a solid set of broadly 'in-line' first-half numbers. With shares performing extremely well in the year-to-date, analysts believe that the stock is now up with events. High Street bellwether Marks & Spencer rose after announcing that second-quarter revenue gained 2.5%, driven by a strong performance from food sales and a handy contribution from the group's international stores. Emerging markets bank Standard Chartered was a heavy faller after Credit Suisse downgraded the stock from 'neutral' to 'underperform' and cut its target price from 1,460p to 1,340p.FTSE 250: Hikma rises on Panmure upgradeHikma Pharmaceuticals got a boost after Panmure Gordon upgraded the stock from 'hold' to 'buy' and lifted its price target from 720p to 825p. Jefferies kept its 'buy' rating on the stock and retained a 890p target. Recycled packing firm DS Smith dropped despite saying it continues to expect substantial year-on-year EPS growth and views the remainder of the year with confidence. Investec this morning downgraded the stock to 'hold', saying that while its recent strong share price performance was warranted, it's time to "pause for now".Talvivaara continued to fall following its announcement on Monday that is has suffered a leakage in the gypsum pond at its mine site, meaning that metals production is temporarily suspended. Stobart Group was also moving lower, despite the fact it is going ex-dividend on Wednesday. London & Stamford Property dropped after announcing that it is in 'advanced discussions' to merge with Metric Property Investments. The FTSE-250 property company has offered an all-share deal for Metric, which has a market cap of £176m.FTSE 100 - RisersResolution Ltd. (RSL) 236.60p +6.96%Evraz (EVR) 255.80p +5.57%Lloyds Banking Group (LLOY) 44.91p +4.80%G4S (GFS) 270.00p +3.53%Legal & General Group (LGEN) 144.20p +2.78%Marks & Spencer Group (MKS) 398.70p +2.78%International Consolidated Airlines Group SA (CDI) (IAG) 175.00p +2.52%Barclays (BARC) 242.55p +2.13%ARM Holdings (ARM) 709.50p +2.09%Croda International (CRDA) 2,220.00p +2.07%FTSE 100 - FallersBabcock International Group (BAB) 954.50p -3.49%Eurasian Natural Resources Corp. (ENRC) 316.90p -1.37%Admiral Group (ADM) 1,053.00p -1.31%Standard Chartered (STAN) 1,468.50p -0.98%Tullow Oil (TLW) 1,429.00p -0.69%Weir Group (WEIR) 1,824.00p -0.38%Wood Group (John) (WG.) 859.00p -0.29%Petrofac Ltd. (PFC) 1,566.00p -0.25%Tate & Lyle (TATE) 736.50p -0.20%British Sky Broadcasting Group (BSY) 750.00p -0.20%FTSE 250 - RisersSavills (SVS) 425.50p +4.14%Man Group (EMG) 87.20p +3.93%JD Sports Fashion (JD.) 774.50p +3.82%Homeserve (HSV) 235.30p +3.57%Michael Page International (MPI) 374.50p +3.42%Yule Catto & Co (YULC) 153.30p +3.30%Hikma Pharmaceuticals (HIK) 758.00p +2.99%F&C Asset Management (FCAM) 102.80p +2.80%PayPoint (PAY) 847.50p +2.79%New World Resources A Shares (NWR) 264.50p +2.64%FTSE 250 - FallersSmith (DS) (SMDS) 206.60p -3.82%Stobart Group Ltd. (STOB) 110.40p -2.82%London & Stamford Property (LSP) 114.00p -2.56%Interserve (IRV) 383.10p -2.47%Spirent Communications (SPT) 140.70p -2.22%Bank of Georgia Holdings (BGEO) 1,142.00p -2.14%Premier Oil (PMO) 352.60p -2.08%Kentz Corporation Ltd. (KENZ) 405.60p -1.84%RPS Group (RPS) 238.20p -1.77%Carpetright (CPR) 677.00p -1.74%BC