Stocks closed higher and near the highs of the day as investors eagerly await the results of the much anticipated midterm elections. Democrats are expected to take control of the House while the GOP is expected to maintain a slim majority in the Senate. However, the chances of Republicans retaining majority in both chambers has increased. Whichever way the elections shake out, they could lead Congress to pursue different policy agendas, including lower drug prices, bank regulation and defense spending. In economic news, the Federal Reserve will begin their 2 day meeting tomorrow on monetary policy. At the end of the day, the major indices closed higher across the board:
DOW +173 at 25635
SP500 +17 at 2755
NASDAQ +47 at 7375
10 Year Treasury closed up 1.5 basis points to yield 3.21%
Oil prices closed -.95 at 62.14 a barrel
Gold prices closed -4.70 at 1227.60 an ounce
In the days’ stock news:
- Amazon announced they will split their HQ2 between two cities. AMZN shares closed +15.01 at 1642.81.
Drug giant, Eli Lilly, reported earnings and revenue that beat forecast. They also raised their full year outlook, as it sees strong performance across its pharmaceutical portfolio. LLY closed -4.24 at 105.90.
CVS Health beat estimates on the top and bottom line. CVS closed up nearly 6%.
Marriott beat on earnings but revenues came in below forecasts. The company also cut its current quarter forecast due to weak demand in N. America. MAR closed down 5.5% for the day.