The Dow Jones Industrial Average closed higher for a third day on Tuesday (November 8) as investors continued to buy shares. Before knowing the results of the US midterm elections Meanwhile, investors are eyeing the release of the US Consumer Price Index (CPI) on Thursday. Assessing inflation trends and the direction of US Federal Reserve (Fed) interest rates
- The Dow Jones Industrial Average closed at 33,160.83 points, an increase of 333.83 points or +1.02%,
- The S&P 500 index closed at 3,828.11 points, up 21.31 points, or +0.56%, and
- The Nasdaq index closed at 10,616.20, up 51.68, or +0.49%.
Americans voted for 435 seats in the US House of Representatives and 35 in the Senate on Tuesday, November 8, as experts say. Knowing which party has won the mid-term elections can take days.
Most of the polling center survey found that Republicans will be able to hold a majority in the US House of Representatives. Elections in the Senate are closely matched between Democrats and Republicans.
Several analysts, including Seth Cohan of Wealth, Allianz said investors tend to prefer “locklock” election results, or no party has absolute power in Congress. This will help to counter the power of the administration in enacting various laws, including tax laws.
Jan Hatzius, principal analyst at Goldman. Sachs said that If Democrats surprise by winning the House of Representatives and the Senate It will put pressure on the stock market. As investors anticipate that the government will continue to push up tax rates on businesses.
Ten of the 11 stocks in the S&P500 index closed in positive territory, led by materials stocks. Freeport-McMorran shares were up 2.93%, Vulcan Materials was up 0.20% and US Steel Corp was up 4.14 percent.
Tech stocks continue to rise. Alphabet was up 0.43%, Microsoft was up 0.44 percent, Apple was up 0.42 percent, India was up 2.10 percent.
Blockchain business shares fall After it was reported that Binance, the world’s largest cryptocurrency trading company, A deal was reached to acquire FTX, a cryptocurrency trading platform. Coinbase fell 10.78 percent, Riot Blockchain fell 7.30 percent. Silvergate Capital sank 22.65%.
Investors will be keeping an eye on the release of the US Consumer Price Index (CPI) on Thursday The CPI is a measure of inflation based on consumer spending. And this is the information the Fed uses to make monetary policy decisions if the CPI is higher than analysts’ expectations. It may push the Fed to accelerate interest rate hikes.
By InfoQuest News Agency (09 Nov 65)
Tags: dowjones , dow jones , stock market , New York stock market