Market Snapshot: Dow ends more than 400 points higher as investors await midterm elections, inflation data

by | Nov 7, 2022 | Stock Market

U.S. stocks ended higher for a second session on Monday, kicking off a busy week that includes the next major inflation update and midterm elections that will determine control of Congress, as the third-quarter corporate earnings season hits the home stretch.How stocks traded
The Dow Jones Industrial Average
DJIA,
+1.31%
finished up by 423.78 points, or 1.3%, at 32,827. The Dow had its best performance since Oct. 28, according to Dow Jones Market Data.

The S&P 500
SPX,
+0.96%
ended up by 36.25 points, or 1%, at 3,806.80.

The Nasdaq Composite
COMP,
+0.85%
closed up by 89.27 points, or 0.9%, at 10,564.52.

Monday’s gains added to the advances seen on Friday, when stocks snapped a four-session losing streak. Stocks still ended lower last week, with the Dow losing 1.4%, the S&P 500 down 3.4% and the Nasdaq Composite dropping 5.7%.Stock Market Today: Live coverage of Monday’s market action

What drove markets Stock investors were looking ahead to Tuesday’s midterm elections with an upbeat attitude, assessing headlines over the potential for eventual talks between Russia and Ukraine, and bracing for the next major U.S. inflation update this week.Read: What midterms mean for the stock market’s ‘best 6 months’ as favorable calendar stretch gets under wayMarkets moved on Monday “with some anticipation of the midterm elections tomorrow and we know there’s a very, very high chance that Republicans will take at least one chamber of Congress, which will be positive for markets,” said Dan Eye, chief investment officer at Pittsburgh-based Fort Pitt Capital Group, which oversaw $4.2 billion in assets as of September. See: The stock market could pop higher after midterms: Morgan Stanley’s Mike Wilson “And maybe with the Fed meeting behind us, there’s more clarity on rate hikes than there was a week ago,” Eye said. “We now know policy makers are thinking that as early as December they could slow the pace of interest hikes and that the terminal rate will probably go higher than thought in September, but markets have priced a lot of that in.” “We still have this big inflation report on Thursday and know that if the market moves the other way and things turn south, it’s because investors are looking to position conservatively ahead of the well-antic …

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