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Midday Update: Wall Street's Appetite For Risk Returns After Clinton Cleared by FBI


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The major benchmark indices were significantly higher with Monday's meteoric gains attributed to the Federal Bureau of Investigation's decision to close its probe into Democratic candidate Hillary Clinton's misuse of a private email server during her term as Secretary of State.

With a Clinton victory on Tuesday now seen as more likely, investors poured back into risky assets, driving up the Dow Jones Industrial Average by more than 300 points, and shattering a nine-day losing streak in the S&P 500 that was set nearly 36 years ago. Gains were being led by the financial sector, followed by impressive gains in healthcare and technology stocks. All thirty Dow component stocks were higher.

Safe-haven assets were taking the brunt of today's asset reallocation with gold losing more than $25 in value per ounce, the 10-year Treasury note five basis points cheaper at a 1.83% yield, and the Japanese yen trading 0.50% lower against the U.S. dollar.

European markets rallied in concert with U.S. equities, posting their largest one day gain in three weeks. Euro-zone bourses were also supported earlier in the day on speculation that the European Central Bank might extend the termination of their quantitative easing program beyond March 2017. Germany's DAX market index is outperforming with a gain of close to 2% followed by a nearly comparable gain in the UK's FTSE-100.

Wall Street's impressive rally eclipsed today's economic data. The Labor Market Conditions index improved to a positive 0.7 in October from an upward revised negative 0.1 in September, initially reported as negative 2.2.

Crude oil was up $0.33 to $44.40 per barrel. Natural gas was up $0.01 to $2.95 per 1 million BTU. Gold was down $23.80 to $1,280.70 an ounce, while silver was down $0.13 to $18.17 an ounce. Copper was up $0.04 to $2.30 per pound.

Among energy ETFs, the United States Oil Fund was up 0.45% to $10.03 with the United States Natural Gas Fund up 0.67% to $7.52. Among precious-metal funds, the Market Vectors Gold Miners ETF was down 4.80% to 23.86 while SPDR Gold Shares were down 1.88% to $122.05. The iShares Silver Trust was down 1.49% to $17.20.

Here's where the markets stand at mid-day:

US MARKETS

NYSE Composite Index was up 184.48 points (+1.79%) to 10,473.83

Dow Jones Industrial Index was up 338.28 points (+1.89%) to 18,228.64

S&P 500 was up 41.92 points (+2.01%) to 2,127.10

Nasdaq Composite Index was up 120.22 points (+2.38%) to 5,166.86

GLOBAL SENTIMENT

FTSE 100 was up 113.64 points (+1.70%) to 6,806.90

DAX was up 197.82 points (+1.93%) to 10,456.95

CAC 40 was up 83.75 points (+1.91%) to 4,461.21

Nikkei 225 was up 271.85 points (+1.61%) to 17,177.21

Hang Seng Index was up 158.78 points (+0.70%) to 22,801.40

Shanghai China Composite Index was up 8.02 points (+0.26%) to 3,133.33

NYSE SECTOR INDICES

NYSE Energy Sector Index was up 191.75 points (+1.87%) to 10,565.28

NYSE Financial Sector Index was up 136.66 points (+2.22%) to 6,280.79

NYSE Healthcare Sector Index was up 216.20 points (+1.88%) to 11,734.81

UPSIDE MOVERS

(+) NILE (+33.87%) To be acquired by Bain Capital and Bow Street for $40.75 per share

(+) N (+20.64%) Oracle ( ORCL ) moving ahead with $9.3 billion acquisition with receipt of 21.8 million unaffiliated NetSuite shares

(+) IONS (+18.66%) Investigational treatment for spinal muscular atrophy with Biogen ( BIIB ) showed highly statistically significant improvement in motor function

(+) DTLK (+18.40%) To be acquired by Insight Enterprises ( NSIT ) for $11.25 per share

DOWNSIDE MOVERS

(-) CXRX (-35.58%) Missed Q3 analyst estimates, suspending guidance

(-) HSN (-10.42%) Q3 results missed estimates, declined from year ago levels

(-) PLUG (-9.15%) Reported wider Q3 loss on 44% drop in revenue

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , Stocks
Referenced Symbols: ORCL , BIIB , NSIT ,



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