Stock Market Moves Higher on Eve of U.S. Election

Concerns over contested or delayed election results kept a lid on gains

Assistant Editor
Nov 2, 2020 at 4:29 PM
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One of the most contentious Election Days is on the horizon, and in response, the major indexes all notched victories for the day. Today's rise also marks a notable start to recovery from the nasty selloff suffered last week, as the Dow finished today's session 423 points higher. Meanwhile, the S&P 500 and Nasdaq Composite also chimed in with marginal gains. Still, it seems as though gains were capped by concerns over a possible delayed or contested election result. 

Continue reading for more on today's market, including:

  • Ad firm surprised analysts with quarterly report.
  • Bull notes pour in for Under Armour stock.
  • Plus, traders are cleaning out in Clorox stock's options pits; 8 cannabis stocks to target; and more on Dunkin' Brands' billion-dollar buyout deal.

The Dow Jones Industrial Average (DJI - 26,925.05) rose 423.5 points, or 1.6%, for the day. Honeywell (HON) rose to the top of the Dow with a 5.3% win, while Walt Disney (DIS) landed at the bottom with a 0.9% loss. 

Meanwhile, the S&P 500 Index (SPX - 3,310.24) added 40.3 points, or 1.2%, for the day. The Nasdaq Composite (IXIC - 10,957.61) gained 46 points, or 0.4% for the day.

Lastly, the Cboe Volatility Index (VIX - 37.13) lost 0.9 point, or 2.3% for the day.

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  1. Election Day is tomorrow, and the event has all the ingredients for a drawn-out court battle concerning its outcome. (Reuters)
  2. As the U.S. death toll from COVID-19 crossed the 231,000 threshold, President Donald Trump continued his criticism of Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, and even hinted at possibly firing him. (MarketWatch)
  3. Why options traders just rushed toward Clorox stock.
  4. The cannabis industry could see some stellar activity on Tuesday.
  5. A billion-dollar buyout deal has bulls targeting Dunkin' stock.

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Gold, Oil Rise Ahead of U.S. Election 

Oil price began the week, and month, with a win, as the U.S. prepares for presidential election. Black gold prices sunk earlier in the day, as fuel demand weakened after several European countries reinstated lockdown measures in response to rising COVID-19 cases. December-dated crude rose $1.02, or 2.8%, to $36.81 a barrel.

Gold prices ended higher, as well, thanks in no small part to the aforementioned election and spike in coronavirus cases. December gold rose $12.60, or 0.8%, to settle at $1,892.50 an ounce for the day.

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