Dow Jones Industrial Average Adds 256 In Stunning Post-Election Reversal

2 Surging Steel Stocks; Plus, Trump Tanks Tesla

Nov 9, 2016 at 4:19 PM
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After being down early on Donald Trump's stunning victory in the U.S. presidential election, the Dow Jones Industrial Average (DJIA) reversed higher for a monster triple-digit win. In fact, at its intraday peak, the Dow was sitting above its all-time closing high of 18,636.05, touched on Aug. 15. Several sectors in particular took off, including drugmakers, financials, and defense stocks. On the other hand, as fear subsided, the CBOE Volatility Index (VIX) plummeted below the 15 level for the first time this month, after approaching 21.50 out of the gate.

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

The Dow Jones Industrial Average (DJIA - 18,589.69) explored a nearly 400-point range, ending on a huge 257-point, or 1.4%, advance. Twenty-two of the Dow's 30 stocks settled higher, led by Caterpillar Inc.'s (NYSE:CAT) 7.7% explosion. Among the eight blue-chip laggards, Procter & Gamble Co (NYSE:PG) performed the worst, diving 1.7%.

The S&P 500 Index (SPX - 2,163.26) tacked on 23.7 points, or 1.1%, while the Nasdaq Composite (COMP - 5,251.07) notched a 57.6-point, or 1.1%, victory of its own.

The CBOE Volatility Index (VIX - 14.38) collapsed, suffering a 4.4-point, or 23.3%, loss.

Indexes closing summary November 9
NYSE and NASDAQ stats November 9

5 Items on Our Radar Today

  1. Democrat Hillary Clinton graciously conceded the presidential election to her Republican rival, calling on a divided citizenry to give Trump "an open mind and a chance to lead." Outgoing President Barack Obama echoed her sentiments, reminding Americans that they "are all on the same team" and should be "rooting for [Trump's] success." (The New York Times)
  2. While a Republican will be in the White House come January, Minneapolis Fed President Neel Kashkari doesn't expect a huge change for the U.S. economy. Instead, the central bank head predicted "more of the same: sluggish growth." (Reuters)
  3. Bank of America Corp's (NYSE:BAC) breakout brought bullish bettors to the table.
  4. Trump's victory sent this solar stock spiraling to a three-year low.
  5. Though the SPX losing streak is over, don't expect smooth sailing just yet.

Quarterly Earnings November 9

Unusual Options Activity November 9
Data courtesy of Trade-Alert

Commodities:

Oil futures managed to pick up steam, even after an early drop on Trump's surprise win, and a bigger-than-expected build in weekly crude stockpiles. At the close, crude for December delivery was 29 cents, or 0.6%, higher, at $45.27 per barrel.

An early lead for gold evaporated, as the dollar strengthened and the metal's safe-haven appeal dimmed amid a huge day for stocks. December-dated gold shed $1 to end at $1,273.50 per ounce.

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