Stocks finish higher across the board ahead of midterm results.
U.S. stocks rose on Tuesday, as investors shifted their focus to midterm election results.
All of Wall Street’s major indices reported gains on Tuesday. The S&P 500 Index (NYSEARCA:SPY) advanced 0.6% to 2,755.50, with all 11 primary sectors finishing in positive territory. Materials and industrials were the best performers on the day.
The Dow Jones Industrial Average (NYSEARCA:DIA) climbed 175.62 points, or 0.7%, to close at 25,637.32. Meanwhile, the technology-heavy Nasdaq Composite Index (NYSEARCA:QQQ) rose 0.6% to 7,375.66.
A measure of implied volatility known as the CBOE VIX (NYSEARCA:VXX) held within a narrow trading path on Tuesday, as markets remained on edge in anticipation of the U.S. midterm election results. The so-called “fear index” edged up 2.4% to 20.44 on a scale of 1-100 where 20 represents the historic average.
In commodities, oil prices declined on Tuesday as the Trump administration began its initial rollout of sanctions targeting Iran. The U.S. West Texas Intermediate (WTI) benchmark for U.S. crude declined 91 cents, or 1.4%, to $62.19 a barrel on the New York Mercantile Exchange. ICE Brent, the international futures contract, declined $1.07, or 1.5%, to $72.10 a barrel. In October, oil prices recorded their biggest monthly drop in over two years.
The Final Word: Reaction to the U.S. midterm elections on Wednesday could stoke heavy volatility in the markets. Beyond the midterms, investors are eyeing an upcoming trade summit between U.S. President Donald Trump and Chinese counterpart Xi Jinping.