Stocks Opened Higher on Election Day

U.S. stocks opened higher on Tuesday, as investors weighed a host of possible Election Day outcomes against a backdrop of an ongoing pandemic and lingering economic strain. The Dow Jones Industrial Average lately rose 415.97 points, or 1.54%, to 27,341.02. The S&P 500 climbed 39.38 points, or 1.19%, to 3,349.62. The Nasdaq Composite advanced 90.84 points, or 0.83%, to 11,048.45.

Oil futures jumped early Tuesday on signs OPEC+ will hold off on easing production curbs and as financial markets maintain a rosy mood on Election Day. West Texas Intermediate crude for December delivery rose $1.16, or 3.2%, to $37.97 a barrel, while January Brent crude rose $1.11, or 2.9%, to $40.08 a barrel.

Wayfair (W) on Tuesday reported a 67% jump in third-quarter net revenue to $3.84 billion, as people working and going to school from home continued to turn to the online furniture store for home improvement projects. The company also swung to a profit of $2.30 per share on an adjusted basis, after posting a loss in the same quarter last year.