Stocks closed higher for a third-straight day, as investors still await election results
Stocks climbed for a third-consecutive day, even as the results of the U.S. presidential election still remain murky -- despite President Donald Trump falsely claiming victory earlier in the day. Shares of major technology companies, including Amazon.com (AMZN), Apple (AAPL), and Microsoft (MSFT), all played a big role in today's rise. The Dow finished today's session 367 points higher, it's third-straight triple-digit win, though the prospect of a hotly contested election kept a lid on gains. Meanwhile, the S&P 500 and the tech-heavy Nasdaq Composite also finished substantially higher.
Continue reading for more on today's market, including:
- Canopy Growth stock stumbled after announcing its big switch.
- How earnings just guided Chemours stock to a win.
- Plus, a Q3 miss can't hold FUN down; more on Hilton's winning streak; and this fast food stock could prove a risky bet.
The Dow Jones Industrial Average (DJI - 27,847.66) rose 367.6 points, or 1.3%, for the day. UnitedHealth (UNH) rose 10.3% to lead the list of Dow winners today. Meanwhile, Caterpillar (CAT) paced the losers with a 7.4% drop
Meanwhile, the S&P 500 Index (SPX - 3,443.44) added 74.3 points, or 2.2%, for the day. The Nasdaq Composite (IXIC - 11,590.78) gained 430.2 points, or 3.9% for the day.
Lastly, the Cboe Volatility Index (VIX - 29.57) lost 6 points, or 16.8% for the day.
- U.S. Postmaster General Louis DeJoy is under fire, now facing questions from one judge regarding why the Postal Service failed to complete a court-ordered sweep for undelivered ballots. (Reuters)
- Retailers have had a rough go of it in 2020 with the pandemic keeping shoppers at home. But there's a new threat on the horizon, as consumers may be too distracted or anxious to get out and shop for the holidays amid delayed election results. (CNBC)
- Things are looking up for FUN despite a third-quarter earnings miss.
- Hilton stock is eyeing its fifth-consecutive win.
- This fast food stock is a risky bet, especially with earnings in the rearview.
Gold, Oil Win Again Despite Murky Election Results
Oil prices notched their third win this week, after Trump falsely claimed victory in one of the tightest U.S. elections in recent memory, and crude inventories fell by 8 million barrels last week. In response, December-dated crude rose $1.49, or 4%, to $39.15 a barrel.
Gold prices walked back in earlier losses, though they still finished lower, as some analysts reported Democrat Joe Biden could win. A Biden victory could mean good things concerning additional stimulus. Still, December gold fell $14.20, or 0.7%, to settle at $1,896.20 an ounce for the day.