The Day After! Futures React to Historic Election

Morning Outlook

The morning after! Despite all the complaints over partisan gridlock, the makeup of the House, Senate, and White House looks exactly the same. President Barack Obama, the 44th President of the United States, joins Woodrow Wilson, FDR, and Bill Clinton as the only Democrats to win a second term over the past century. Futures were down early and down hard following the 11:15PM presidential decision, however we have seen a rebound. It is all about certainty and now we have more of it. There isn’t too much on the economic front as the day belongs to politics. Futures for the Dow Jones Industrial Average, rose 19 points to 13,220. S&P 500 futures rose 4.2 points to 1,429.40, while Nasdaq 100 futures went from a 3.5-point loss to gain 8.5 points to 2,684.25.

Wall Street advanced for the second consecutive day, keeping the November trend on Election Day. The Dow Jones Industrial Average rose 133.24 points, or 1%, to end at 13,245.68, with 28 of the 30 blue chips advancing. The S&P 500 index climbed 11.13 points, or 0.8%, to finish at 1,428.39, with energy and financials the best performing and utilities the sole laggard of its 10 major industry groups. The Nasdaq Composite added 12.27 points, or 0.4%, to 3,011.93.

Currencies and Commodities

The dollar rose 0.01% at 80.3600 yen in the currency market. The euro is gaining 0.03% at $1.2819 while the pound is depreciating 0.04% to $1.5991. Gold is up $10.70 to $1,725.70, while silver is rising 0.46% at $32.18. Light, sweet crude for December is falling 71 cents to $88.00 per barrel on the NYMEX; a 0.80% decline.

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