Stocks Ended Higher ahead of Election

U.S. stocks ended higher on Monday, ahead of the U.S. presidential election. The Dow Jones Industrial Average rose 423.45 points, or 1.60%, to 26,925.05. The S&P 500 added 40.28 points, or 1.23%, to 3,310.24. The Nasdaq Composite gained 46.02 points, or 0.42%, to 10,957.61.

Oil futures post their first gain in four sessions Monday, fed by expectations that OPEC+ will postpone plans to curb production cuts. West Texas Intermediate crude for December delivery rose $1.02, or nearly 2.9%, to $36.81 a barrel. January Brent crude added $1.03, or 2.7%, to $38.97 a barrel.

Construction spending increased for a fourth straight month in September, albeit at a decelerating clip, to extend a recovery from a plunge in the spring. Spending increased 0.3% in September over August, according to the Commerce Department, following a revised 0.8% increase in August.

Manufacturing activity in the U.S. expanded by the most in two years in October, according to the Institute for Supply Management’s manufacturing purchasing managers’ index. The headline PMI jumped to 59.3 in October from 55.4 in September. This marked the fifth straight month of an expansionary reading, or one greater than 50.0.