Stocks Opened Sharply Higher with Election Results in Focus

U.S. stocks opened sharply higher on Thursday with the presidential election results in focus. The Dow Jones Industrial Average lately rose 410.64 points, or 1.47%, to 28,258.30. The S&P 500 jumped 58.73 points, or 1.71%, to 3,502.17. The Nasdaq Composite gained 227.39 points, or 1.96%, to 11,818.17.

Oil futures lost some ground early Thursday, with attention turning back to the ongoing rise in COVID-19 cases around the world. West Texas Intermediate crude for December delivery fell 33 cents, or 0.8%, to $38.82 a barrel, while January Brent crude was down 23 cents, or 0.6%, at $41 a barrel.