“Heading to the Polls” – Vista Partners Daily Market Recap 11/6/2018
US stocks swung up on Tuesday, after the previous trading session closed with some uncertainty. All three major indices saw gains today. The S&P 500 was up 0.63% (17.22 points) as trade ended while the Nasdaq gained 0.64% (47.11 points). The Dow saw a milestone today as it hit the highest closing prices it has seen in three weeks. It rose 0.69% (175.21 points).
A good portion of the individual components of the Dow also saw gains. IBM (IBM) had another good day as it rose 2.55%, and Caterpillar (CAT) also ended the day up with an increase of 2.31%. NIKE (NKE) wasn’t as fortunate, as shares slipped into the red with losses of 1.24%. Atossa Genetics (ATOS) ended the day with a value of $1.34 per share.
While the markets rose, voters headed to the polls and analysts predicted what that might mean for the markets. If Democrats were to take the House, creating a divided government situation, there would likely be a situation where “no market-moving legislation is likely to pass through Congress,” according to Aroop Chatterjee, a Barclays analyst. This would not necessarily be negative, as it could lead to various effects such as lower volatility and “roughly flat spending.”
Chatterjee also noted that if the Republicans retain control of both the House and Senate, it is likely that the market may positive growth as there would be a possibility of increased fiscal stimulus and tax cuts.
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