Stocks Jumped after Midterm Elections

U.S. stocks ended solidly higher on Wednesday, as the results of the US midterm elections panned out as anticipated. The Dow Jones Industrial Average jumped 545.29 points, or 2.13%, to 26,180.30. The S&P 500 advanced 58.44 points, or 2.12%, to 2,813.89. The Nasdaq Composite rose 194.79 points, or 2.64%, to 7,570.75.

Oil futures declined Wednesday, after a government report revealed that domestic crude supplies rose for a seventh week in succession, and gasoline stockpiles unexpectedly climbed. U.S. benchmark West Texas Intermediate crude for December fell by 54 cents, or 0.9%, to settle at $61.67 a barrel. January Brent crude slipped 6 cents, or less than 0.1%, to $72.07 a barrel.

Qualcomm Inc. (QCOM) topped Wall Street estimates for the quarter. The company reported a fiscal fourth-quarter loss of $493 million, or 35 cents a share, compared with $168 million, or 11 cents a share, in the year-ago period. Revenue declined to $5.8 billion from $5.91 billion in the year-ago quarter.