Elections are over, and stocks are soaring - Here's what you need to know...

Stock Market Update Wednesday, November 7th, 2018

The midterm elections are behind us. And with Democrats controlling the House, we have a split Congress (which was expected).

But traders don't seem to care. Stocks rallied all day long, closing at session highs.

With today's win, the S&P has finished higher for 3 days straight and is up 3.8% in November. We're still more than 4% away from record highs. But this rally has made a pretty decent dent in October's losses!

Here's where the major indices ended the day:

  • The S&P finished with a 2.1% gain. Up 58 points, the S&P ended at 2,814.
  • The DOW ended higher by 2.1%. Adding 545 points, the DOW closed at 26,180.
  • The NASDAQ was up 2.6%. With a 195 point gain, the NASDAQ finished at 7,571.
  • Bitcoin finished higher by 1.3%. Up $85, Bitcoin ended at $6,500.

Crude Oil (CL) closed lower for the 8th day in a row. Down 0.7%, CL finished at $61.76 a barrel. Today's Crude Oil Inventories showed a 5.8 million barrel increase in U.S. stockpiles (vs. a 2 million barrel forecast).

Amazon (AMZN) was a big winner today, up 6.7% and closing at its best level since reporting earnings on October 25th.

Humana (HUM) was up 6.7% after better than expected earnings. Etsy (ETSY) was a big earnings winner today, up 23.7% after better than expected numbers.

Cannabis company Tilray (TLRY) jumped 30.6% with some positive pot news. Several states voted to legalize marijuana for medical and recreational use. And cannabis critic Attorney General Jeff Sessions resigned today.

Here is the economic calendar for the week:

Real Time Economic Calendar provided by Investing.com.

This Stock Market Update was provided by Rockwell Trading Services LLC.

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