Midway through trading Wednesday, the Dow traded up 0.73 percent to 18,467.27 while the NASDAQ climbed 0.64 percent to 5,226.69.
The S&P also rose, gaining 0.59 percent to 2,152.13.
Leading and Lagging Sectors
On Wednesday, healthcare shares gained by 3.13 percent. Meanwhile, top gainers in the sector included Sucampo
Pharmaceuticals, Inc. (NASDAQ: SCMP), and Ariad
Pharmaceuticals, Inc. (NASDAQ: ARIA).
In trading on Wednesday, utilities shares fell by 1.54 percent. Meanwhile, top losers in the sector included NextEra Energy
Inc (NYSE: NEE), down 5 percent, and Companhia
Paranaense de Energia (ADR) (NYSE: ELP), down 4
percent.
Top Headline
Republican Presidential candidate Donald Trump has won the 2016 Presidential election in a hotly-contested vote against Hillary
Clinton that few saw coming. To the surprise of many, Trump won big from Florida, Ohio and Pennsylvania en route to getting the
necessary 270 electoral votes.
With his win in the U.S. presidential election, Trump is uniquely positioned to overhaul America’s relationship with Russia. But
how Moscow will engage with the president-elect is still far from clear
Equities Trading UP
Corrections Corp Of America (NYSE: CXW) shares shot
up 41 percent to $19.97. Prison shares are trading significantly higher after the victory of Donald Trump.
Shares of Foresight Energy LP (NYSE: FELP) got a
boost, shooting up 24 percent to $7.08. Foresight Energy reported a Q3 loss of $24.3 million on revenue of $230.8 million.
Sucampo Pharmaceuticals, Inc. (NASDAQ: SCMP)
shares were also up, gaining 29 percent to $14.65 after the company reported better-than-expected Q3 results and raised its FY 2016
guidance.
Equities Trading DOWN
AgroFresh Solutions Inc (NASDAQ: AGFS) shares
dropped 38 percent to $2.91. AgroFresh posted Q3 earnings of $0.15 per share on revenue of $61.2 million.
Shares of Tenet Healthcare Corp (NYSE: THC) were down
24 percent to $15.50. Bank of America downgraded Tenet Healthcare from Buy to Neutral and lowered the price target from $32.00 to
$25.00.
Coty Inc (NYSE: COTY) was down, falling around 11
percent to $19.52 after the company delivered downbeat quarterly earnings.
Commodities
In commodity news, oil traded up 1.65 percent to $45.72 while gold traded up 0.58 percent to $1,281.90.
Silver traded up 1.63 percent Wednesday to $18.66, while copper rose 3.11 percent to $2.45.
Eurozone
European shares were mostly higher today. The eurozone’s STOXX 600 gained 1.46 percent, the Spanish Ibex Index dropped 0.40
percent, while Italy’s FTSE MIB Index fell 0.10 percent. Meanwhile the German DAX climbed 1.56 percent, and the French CAC 40 rose
1.49 percent while U.K. shares rose 1 percent.
Economics
The MBA’s index of mortgage application activity dropped 1.2 percent for the week ended November 4, 2016.
Domestic crude supplies increased by 2.4 million barrels for the week ended November 4, the U.S. Energy Information
Administration reported. Analysts were expecting a gain of 1.6 million barrels. Gasoline supplies dropped 2.8 million barrels,
while distillate stockpiles slipped 1.9 million barrels.
The Treasury is set to auction 10-year notes at 1:00 p.m. ET.
Minneapolis Federal Reserve Bank President Neel Kashkari is set to speak in Eau Claire, Wi. at 1:30 p.m. ET.
San Francisco Federal Reserve Bank President John Williams will speak at the University of San Francisco at 9:00 p.m. ET.
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