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Wall Street ends higher as investors eye U.S. midterms

Stock Markets Nov 08, 2022 06:21PM ET
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© Reuters. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 7, 2022. REUTERS/Brendan McDermid
 
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By Noel Randewich and David Carnevali

(Reuters) - Wall Street ended higher on Tuesday during voting in midterm elections that will determine control of the U.S. Congress, with investors betting on a political stalemate that could prevent major policy changes.

It was the third straight day of gains on the U.S. stock market, leaving the Dow Jones Industrial Average down less than 10% year-to-date.

Helping the blue-chip Dow, shares of drugmaker Amgen Inc (NASDAQ:AMGN) rallied almost 6% to a record high after the company reported positive data related to its cholesterol drug and obesity treatment.

All 435 House of Representative seats and some 35 seats in the Senate are on the ballot, with experts saying there may be days of waiting before it is clear who won certain races. Nonpartisan forecasts and opinion polls suggested a strong chance of Republicans winning a House majority and a tight race for Senate control.

"On balance, financial markets like gridlock. To the extent that change will be slow and evolving, a divided government of course provides that backdrop," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis.

A surprise victory for Democrats, however, could raise concerns about tech-sector regulation as well as budget spending that could add to already-high inflation, according to market strategists.

Investors are also awaiting a key inflation reading due on Thursday, which is expected to show easing in consumer prices and provide further clues on whether the U.S. Federal Reserve could soften its campaign of aggressive interest rate hikes.

Traders are divided about whether the Fed will raise rates by 50 basis points or 75 basis points at the central bank's meeting in December, according to CME Fedwatch tool.

Cryptocurrency-related stocks including Coinbase (NASDAQ:COIN) Global and Microstrategy (NASDAQ:MSTR) tumbled after Crypto giant Binance signed a nonbinding agreement to buy rival FTX's non-U.S. unit to help cover a "liquidity crunch" at the cryptocurrency exchange.

"Some investors will shoot first and ask questions later, but the good thing is crypto is kind of isolated. They are on their own, they really are not part of the equity market," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.

Every S&P 500 stock's performance in 2022 https://fingfx.thomsonreuters.com/gfx/mkt/lgvdkmykopo/Pasted%20image%201667940082872.png

The S&P 500 is up about 7% from its October closing low, but it remains down about 20% in 2022 due to worries that the Fed's aggressive rate hikes could cripple the U.S. economy.

The S&P 500 climbed 0.56% to end the session at 3,828.13 points.

The Nasdaq gained 0.49% to 10,616.20 points, while the Dow Jones Industrial Average rose 1.02% to 33,160.83 points.

Of the 11 S&P 500 sector indexes, 10 rose, led by materials, up 1.72%, followed by a 0.92% gain in information technology.

Take-Two (NASDAQ:TTWO) Interactive Software Inc slumped almost 14% after the videogame publisher lowered its annual sales outlook, while ride-hailing firm Lyft Inc (NASDAQ:LYFT) tumbled 23% after forecasting current-quarter revenue below Wall Street estimates.

Advancing issues outnumbered falling ones within the S&P 500 by a 2.5-to-one ratio.

The S&P 500 posted 21 new highs and 9 new lows; the Nasdaq recorded 97 new highs and 258 new lows.

Volume on U.S. exchanges was relatively light, with 11.7 billion shares traded, compared with an average of 11.8 billion shares over the previous 20 sessions.

Wall Street ends higher as investors eye U.S. midterms
 

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Comments (25)
Brad Albright
Brad Albright Nov 09, 2022 11:51AM ET
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Democracy prevails.
Jimmy Kim
Jimmy Kim Nov 08, 2022 11:47PM ET
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MADNESS. Same reason for the inflation. No other option but 1% on Dec. cuz market says everything is perfect, theres no problem, stocks are so cheap, buy now or u will be missing out, we are happy
Kerry Ditto
Kerry Ditto Nov 08, 2022 11:14PM ET
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maybe gop control of congress is bad to market this time unlike the historic trend.
Kerry Ditto
Kerry Ditto Nov 08, 2022 10:09PM ET
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gop picked up only 3 additional house seats so far. senate is still tie
Kerry Ditto
Kerry Ditto Nov 08, 2022 9:07PM ET
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Dems seem doing better than expected. If so, stock market would be dissapointed and fall.
Ronald Warren
Ronald Warren Nov 08, 2022 4:42PM ET
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Wow! Some real stability in Crypto!! The 24/7 casino is a riskier proposition!!
Mitchel Pioneer
Mitchel Pioneer Nov 08, 2022 2:47PM ET
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Can't have a day in the laughingstock of the financial world without some "late trade" magic, and we certainly can't have the DOW give up its criminally manufactured "gains."  What a joke.
Ronald Warren
Ronald Warren Nov 08, 2022 2:47PM ET
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Not to worry Mitchel. Big cap DOW stocks BA, CAT AMGN up 30% in recent trading. Profits will be taken . Algos can only counteract a measure of selling before they join the party.
First Last
First Last Nov 08, 2022 2:47PM ET
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You were whining about no pullback today.  So according to you, there should be "all day trade magic", not "late".
عزوز الأمير
عزوز الأمير Nov 08, 2022 2:34PM ET
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thnks
Tom Michaels
Tom Michaels Nov 08, 2022 2:28PM ET
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bull chips, it's a gone now because of this rampant cheating at the polls. The military is gonna fix them.
Brad Albright
Brad Albright Nov 08, 2022 2:28PM ET
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Isn't it time to sweep your hut?
Gary Sadler
Gary Sadler Nov 08, 2022 2:28PM ET
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Typical bull ******like the other Trumpers
First Last
First Last Nov 08, 2022 2:28PM ET
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Retrumplicans do most of the cheating.
Stacy Starner
Stacy Starner Nov 08, 2022 2:28PM ET
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First Last whatever. Lets keep dems in i lke paying $5 for has stupid fcks
Brad Albright
Brad Albright Nov 08, 2022 2:28PM ET
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Stacy Starner $5 for has?
Daniel go Fully one
Daniel go Fully one Nov 08, 2022 2:21PM ET
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hello how can I getting help from someone please
Ronald Warren
Ronald Warren Nov 08, 2022 2:21PM ET
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Pick up DIA or QQQ puts before it's too late!!
 
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