The US stock exchange ended with little change as investors held off on placing significant bets ahead of the US presidential election.

The Dow Jones industrial average closed down an average of 5 points ending unofficially at 9,319.83.

But traders are hoping the outcome of the vote will have a positive impact on the economy.

Douglas Muzzio, Professor of Public Affairs at Baruch College, said there is little the new president can do to stop the recession.

He said: "To a certain extent the president is constrained, not all powerful, in some cases he's powerless.

"In terms of the national and international recession there's very little that can be done that will immediately and significantly affect the outcome."

Professor Muzzio said the president can have an impact on tax and spending policy.

He said the he could also make a decision to bail out the auto industry.

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