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US-STOCKS-MARKETS
US stocks gain ahead of election returns
NEW YORK, Nov 7, 2018 (BSS/AFP) – Wall Street stocks rose after a quiet
session Tuesday as investors awaited returns in US congressional elections
that are seen as a referendum on President Donald Trump.
The Dow Jones Industrial Average advanced 0.7 percent to end the session
at 25,637.25.
The broad-based S&P 500 climbed 0.6 percent to close at 2,755.52, and the
tech-rich Nasdaq Composite Index also won 0.6 percent to 7,375.96.
Analysts attributed the gains to continued momentum, with US stocks
recovering some of the losses suffered during a bruising October.
But trading volume was light as investors refrained placing bets ahead of
key election returns this evening.
Polls are showing the voting is most likely to yield a Democratic win in
the House of Representatives and a Republican victory in the Senate, but the
margins are very close in many states.
That outcome is not expected to undo Trump’s tax cuts and efforts to roll
back regulations, initiatives investors have praised. Nor would it reverse
Trump’s aggressive efforts to remake international trade, a source of unease
for investors.
However, a Democratic victory in either house would likely lead to
extensive investigation of Trump’s administration, creating new roadblocks
for his agenda.
Among individual companies, CVS Health surged 5.8 percent after third-
quarter earnings rose 8.2 percent to $1.4 billion due to a 6.7 percent jump
in same store sales.
Booking Holdings, which owns travel websites like Priceline and Kayak,
gained 4.2 percent after reporting a 2.7 percent rise in third-quarter
profits to $1.8 billion.
BSS/AFP/HR/0935