Investing.com - U.S. stocks rose on Monday after investors applauded an upbeat private-sector jobs report as well as a Republican victory in Tuesday's elections, which gave the party control of both houses of Congress.
At the close of U.S. trading, the Dow 30 rose 0.58%, the S&P 500 index rose 0.57%, while the NASDAQ Composite index fell 0.06%.
The CBOE Volatility Index index, which measures the outlook for market volatility, was down 4.43% at 14.23.
Payroll processing firm Automatic Data Processing Inc (NASDAQ:ADP) reported earlier that non-farm private employment rose by 230,000 last month, beating expectations for an increase of 220,000.
The economy created 225,000 jobs in September, whose figure was upwardly revised from a previously reported 213,000.
While not always as a reliable predecessor for the government's official jobs report, the latest due out on Friday, Nov. 7, the ADP report does offer guidance on private-sector hiring, and Wednesday's report drew applause on Wall Street amid hopes for continued U.S. recovery.
Elsewhere, the Institute of Supply Management reported that its non-manufacturing purchasing managers' index fell to 57.1 in October from a 58.6 in September. Analysts had expected the index to inch down to 58.0 in October.
Still, a reading over 50 indicates the service-sector economy is generally expanding, while below 50.0 indicates the sector is contracting, which boosted stocks as well.
In other news, U.S. Republicans took control of the Senate, which gave them control of both houses of Congress.
The results drew applause on perceptions that a divided government with a Democratic White House and a Republican Congress historically tends to see upbeat stock markets in the U.S.
Leading Dow Jones Industrial Average performers included Visa Inc (NYSE:V), up 2.66%, Dupont Fabros Technology Inc (NYSE:DFT), up 1.89%, and J P Morgan Chase & Co (NYSE:JPM), up 1.48%.
The Dow Jones Industrial Average's worst performers included Intel Corporation (NASDAQ:INTC), down 2.27%, Boeing Company (NYSE:BA), down 1.29%, and Pfizer Inc (NYSE:PFE), down 0.81%.
European indices, meanwhile, ended the day higher.
After the close of European trade, the DJ Euro Stoxx 50 rose 1.83%, France's CAC 40 rose 1.89%, while Germany's DAX rose 1.63%. Meanwhile, in the U.K. the FTSE 100 rose 1.32%.
On Thursday, markets will track weekly initial jobless claims data.