Stocks Notch Big Gains, Investors Hope for Clear Election Winner

Investors are also keeping an eye on the key Senate elections

Assistant Editor
Nov 3, 2020 at 4:32 PM
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It's officially Election Day in the U.S., and the major indexes are all higher amid optimism that a clear winner will emerge, thus avoiding delayed, or contested, result. The Dow finished today's session 555 points higher, coming up just shy of a 1,000-point burst in the first two sessions of November. Meanwhile, the S&P 500 and Nasdaq Composite also finished substantially higher. Additionally, investors are also keeping an eye on the key Senate election, which, given the possibility of the so-called "blue wave" taking over Congress, could result in major policy shifts.

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

  • Here's why iRobot stock is a "must buy."
  • This luxury sports car maker is gearing up after a third-quarter beat.
  • Plus, 1 flying pharma stock; more on PayPal's shaky fourth quarter; and why options traders are targeting Wayfair stock.

The Dow Jones Industrial Average (DJI - 27,480.03) rose 555 points, or 2.1%, for the day. The Dow had big list of winners today, lead by a 4.6% win for Walgreen Boots Alliance (WBA). Chevron (CVX) paced the three losers with a 0.4% drop

Meanwhile, the S&P 500 Index (SPX - 3,369.25) added 58.9 points, or 1.8%, for the day. The Nasdaq Composite (IXIC - 11,160.57) gained 203 points, or 1.7% for the day.

Lastly, the Cboe Volatility Index (VIX - 35.55) lost 1.6 point, or 4.3% for the day.

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  1. Italy today reported over 350 COVID-19 related deaths, the highest daily figure since May 6, leading Prime Minister Giuseppe Conte to prepare new curbs in order to tame the surge. (Reuters)
  2. Over 3 million homeowners are delaying their mortgage payments under forbearance plans set into motion at the beginning of the pandemic, and the bulk of these are government mortgage bailouts. (CNBC)
  3. Jazz Pharmaceuticals stock surged after a smooth earnings report.
  4. Mixed responses poured in for PayPal stock post-earnings.
  5. Wayfair stock got targeted by enthusiastic options traders.

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Gold, Oil Notch Wins Ahead of Election Results

Oil prices kept up yesterday's momentum, rising as the U.S. Election Day is officially in full swing. Meanwhile, investors' sentiment regarding volatility stemming from election results, as well as surging global coronavirus cases, fueled worries about black gold demand. In response, December-dated crude rose 85 cents, or 2.3%, to $37.66 a barrel.

Gold prices ended higher once again, too, as investors flocked to the safe-haven metal amid the sinking dollar and possible disputes regarding the election outcome. December gold rose $17.90, or 1%, to settle at $1,910.40 an ounce for the day.

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