Stocks rally as Americans vote
Money Map Press chief technical strategist D.R. Barton and Belpointe Asset Management chief strategist David Nelson discuss what the midterm elections means for market and the economy.
Stocks secured gains across the board as Americans hit the polls on Tuesday in a highly contested election that could see the House flip from Republican to Democrat. FOX Business is following the issues impacting local and national economies.
All three of the major averages rose around 0.6 percent. For the Dow Jones Industrial Average it gained 173.31 points, the S&P 500 17.14 points and the Nasdaq Composite 47.11.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 43393.08 | -357.78 | -0.82% |
| SP500 | S&P 500 | 5858.61 | -90.56 | -1.52% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18619.303636 | -488.35 | -2.56% |
All 435 seats in the United States House of Representatives and 35 of the 100 seats in the United States Senate will be contested. In addition, 39 state and territorial governorships, as well as numerous other state and local elections, will also be contested.
Investors around the globe will be following the race outcomes for sector opportunities. For example, industrial stocks rallied on Tuesday because the group is seen as benefiting no matter what the outcome of the midterm elections. If the Democrats take control of the House as expected, AP says agreement on an infrastructure bill is one area that Republicans and Democrats could find common ground. Stocks including Martin Marietta Materials, Aegion and Vulcan Materials posted gains.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MLM | MARTIN MARIETTA MATERIALS INC. | 587.96 | -17.30 | -2.86% |
| AEGN | NO DATA AVAILABLE | - | - | - |
| VMC | VULCAN MATERIALS CO. | 282.68 | -5.03 | -1.75% |
Commodities were mixed Tuesday.
In economic news, more strong jobs data. There are 1.14 million more jobs in America compared to unemployed Americans, according to the Labor Department’s Job Openings and Labor Turnover (JOLTS) survey for September. According to the latest JOLTS report, released Tuesday morning, the number of job openings decreased to 7.099 million on the last business day of September, slightly below the 7.10 million estimate. August job additions were revised higher to a record 7.293 million.
Ken Martin contributed to this report.