Stocks Open Higher after Election Results
- Wednesday, November 5, 2014, 10:57
- Stock Market
- Add a comment
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
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.