November 7, 2018

The SP500 and Dow Jones surged in the best rally after midterm elections since 1982. The results came in as expected, lifting a cloud of uncertainty that has been weighing on the market. The major averages hit their session highs after President Trump indicated he is willing to work with Democrats on policy initiatives that would help the economy keep growing, including a possible infrastructure plan. Meanwhile, the Federal Reserve kicked off its two-day meeting today and investors will watch carefully tomorrow for hints about the future of interest rate hikes. Late in the day, Attorney General Jeff Sessions announced his resignation, which fueled cannibis stocks into the close. At the end of the day, the major averages closed solidly in the green across the board:

DOW +545 at 26180
SP500 +58 at 2813
NASDAQ +194 at 7570

10 Year Treasury closed flat yielding 3.21%
Oil prices closed -.56 at 61.65 a barrel
Gold prices closed flat at 1227.30 an ounce