Stocks Open Higher after Election Results

U.S. stocks opened with solid gains on Wednesday, as investors welcomed the results of midterm elections in which Republicans, who are generally viewed as business-friendly, regained control of the Senate. A better-than-expected private-sector jobs report also aided markets. The Dow Jones Industrial Average lately gained 50.47 points, or 0.29%, to 17,434.31. The S&P 500 was up 7.42 points, or 0.37%, to 2,019.52. The Nasdaq Composite added 2.00 points, or 0.04%, to 4,625.64.

U.S. private employers added 230,000 jobs in October, the most since June and exceeding economists’ expectations as mid-sized businesses added the most workers in more than seven years, a report by a payrolls processor showed on Wednesday.

Duke Energy Corp, the largest U.S. power company by market value, reported a lower-than-expected quarterly revenue and profit as a milder summer hit demand and expenses rose. Net income attributable to Duke rose 27 percent to $1.3 billion, or $1.80 per share, in the quarter ended Sept. 30, from $1 billion, or $1.42 per share, a year earlier.

Chesapeake Energy Corp. said its third-quarter profit more than tripled as the company posted sharply higher revenue in its natural gas and oil segment and increased production. Chesapeake reported a profit of $662 million, or 26 cents a share, up from $202 million, or 24 cents a share, a year earlier. Revenue
increased 17% to $5.7 billion.

Cognizant Technology Solutions Corp. said revenue gains across all of its segments, led by financial services, helped drive an 11% increase in third-quarter profit. For the quarter ended Sept. 30, Cognizant reported a profit of $355.6 million, or 58 cents a share, up from $319.6 million, or 53 cents a share, a year earlier. Revenue increased 11.9% to $2.58 billion.

About the Author

has written 15904 stories on this site.

Write a Comment

Gravatars are small images that can show your personality. You can get your gravatar for free today!

You must be logged in to post a comment.

Copyright © 2012 Nine Stocks