Stocks Notch 4 Consecutive Wins, Election Results Remain Unclear

Big Tech once again stepped up to the plate to help the major indexes

Assistant Editor
Nov 5, 2020 at 4:27 PM
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Major tech names helped stocks to a win today, though investors are still eagerly awaiting the conclusion to a now very close and drawn out U.S. presidential race. Most FAANG stocks as well as Microsoft (MSFT) all made noteworthy gains, helping the Dow to its fourth-straight triple digit win. Meanwhile, the S&P 500 and tech-heavy Nasdaq Composite also finished notably higher, while the former notched its fourth-straight day of gains over 1%. The last time the SPX achieved that goal was in Oct. 1982.

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

  • DraftKings stock managed serious post-earnings options activity.
  • Demand growth steered car maker substantially higher.
  • Plus, why Hanesbrand stock is plummeting; a cannabis stock that's smoking hot; and more on Capri Holdings' earnings and revenue beat.

The Dow Jones Industrial Average (DJI - 28,390.18) rose 542.5 points, or 2%, for the day. Dow Inc (DOW) rose 5.4% to lead the list of Dow winners today. Meanwhile, Merck (MRK) paced the small list of two losers with a 0.2% drop

Meanwhile, the S&P 500 Index (SPX - 3,510.45) added 67 points, or 2%, for the day. The Nasdaq Composite (IXIC - 11,890.93) gained 300.2 points, or 2.6% for the day.

Lastly, the Cboe Volatility Index (VIX - 27.58) lost 2 points, or 6.7% for the day.

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  1. President Trump has launched a number of lawsuits against states, as Democrat Joe Biden inched nearer to victory in the U.S. presidential election. (Reuters)
  2. While the U.S. presidential election uncertainty is gripping the nation, Bitcoin has skyrocketed above $15,000 today, according to data from industry website CoinDesk. (CNBC)
  3. Despite an earnings beat, next quarter's forecast just sunk HBI.
  4. Aphria stock is flying high on Biden's presidential buzz.
  5. Michael Kors parent soared after decimating earnings estimates.

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Oil Snaps Win Streak Amid Election Uncertainty

Oil prices reversed course and snapped its three-day win streak, weighed down by a steady increase in COVID-19 cases around the globe, as well as the still undecided outcome of the U.S. election. Additionally, the European Union's (EU) executive commission lowered its economic forecast, and predicted a rebound won't appear until 2023. In response, December-dated crude fell 36 cents, or 0.9%, to $38.79 a barrel.

Gold prices notched their highest level in a month and a half, as the election outcome tightened. A Democrat in office would almost guarantee a bigger stimulus plan and pressure on the dollar. As a result, December gold rose $50.60, or 2.7%, to settle at $1,946.80 an ounce for the day.

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