November 4, 2020

November 4, 2020

Stocks closed higher today as investors took in the flow of results for the 2020 election, which has so far produced no clear signs of a victor for the White House.

Dow Jones finished +368 at 27,847

S&P 500 finished +74 at 3,443

NASDAQ finished +430 at 11,590

The 10 Year Treasury closed down 11 basis points yielding 0.77%

Oil prices closed up $1.29 ending at $38.95 a barrel

Gold prices closed down $7.60 ending at $1,902 an ounce

In the days’ stock news:

• Biogen — Shares soared more than 43% after the Food and Drug Administration said its experimental Alzheimer’s drug is “robust and exceptionally persuasive” in one study.
• Sports gaming stocks jumped after election results showed strong support for expanding sports gambling in multiple states, including Maryland. Shares of DraftKings climbed more than 5%, while Penn National rose more than 6%.
• Caterpillar — The farming equipment maker dropped more than 7% amid an investor rotation out of cyclical stocks into technology. Caterpillar could be getting hit as an infrastructure bill is still up in the air with the uncertain presidential election.