While President Obama may not be Wall Street's ideal candidate, stock prices are rising on growing expectations he will be re-elected this November.

 Part of that, market pros say, is simply that investors feel more certain about who will be in the White House for the next four years and which policies they will have to deal with.

 Obama's chances of winning in November increased to above 60 percent on Tuesday, up from about 50 percent at the beginning of the year, according to the odds on prediction market Intrade.com.

 Meanwhile, the S&P 500 [.SPX 1367.86 -4.32 (-0.31%)  ] has hit a new bull market high and is up 9 percent on the year.

 The stock market’s rise comes as the supposed Republican frontrunner, Mitt Romney, continues to contend with Rick Santorum in an effort to win the GOP nomination. Romney won primary battles in Michigan and Arizona on Tuesday.