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The upward momentum on Wall Street comes as the results of the highly anticipated midterm elections on Tuesday came largely in line with expectations.
Democrats are projected to retake control of the House for the first time since 2010, as Democratic candidates managed to flip a number of suburban districts across the country.
Control of the House will give Democrats subpoena power, potentially leading to numerous investigations of President Donald Trump?s administration.
House Democrats will also play a much larger role if Trump hopes to achieve any major legislative accomplishments in the next two years.
Meanwhile, Democrats did not fare as well as in the Senate, as Republicans appear poised to expand their majority in the upper chamber.
Republican candidates won Democratic Senate seats in Indiana, Missouri, and North Dakota and are leading in tight races in Florida, Arizona, and Montana.
The GOP had been seen as likely to maintain control of the Senate due to the tough map faced by Democrats, who were defending 26 of the 35 seats on the ballot.
With Republicans expanding their majority, Trump will likely have an easier time pushing through more controversial judicial nominees.
Stocks fluctuated over the course of the trading session on Tuesday but largely maintained a positive bias on the day. The major averages all moved to the upside following the mixed performance seen in the previous session.
Going into the close, the Dow and the S&P 500 reached new highs for the session. The Dow advanced 173.31 points or 0.7 percent to 25,635.01, the Nasdaq climbed 47.11 points or 0.6 percent to 7,375.96 and the S&P 500 rose 17.14 points or 0.6 percent to 2,755.45.
The strength on Wall Street came as stocks continued to recover from the sell-off seen in October, which was one of the worst months for the markets in years.
However, traders seemed reluctant to make more significant moves amid uncertainty about the outcome of the highly anticipated midterm elections.
Traders also continued to look ahead to the Federal Reserve's monetary policy announcement, with the Fed due to announce is latest decision on Thursday.
The Fed is widely expected to leave interest rates unchanged, but traders will keep a close eye on the accompanying statement for clues about an expected rate hike in December.
Most of the major sectors ended the day showing only modest moves, although considerable strength was visible among chemical stocks. Reflecting the strength in the chemical sector, the S&P Chemical Sector Index climbed by 1.5 percent.
Semiconductor stocks also showed a notable move to the upside, resulting in a 1.1 percent advance by the Philadelphia Semiconductor Index. The index rebounded after pulling back over the two previous sessions.
Within the semiconductor sector, Advanced Micro Devices (AMD) posted a strong gain after announcing its EPYC processors are now available on Amazon Web Services.
On the other hand, gold stocks came under pressure over the course of the session, dragging the NYSE Arca Gold Bugs Index down by 1.3 percent.
The weakness among gold stocks came amid a decrease by the price of the precious metal, with gold for December delivery falling $6 to $1,226.30 an ounce.
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At 10:30 am ET, the Energy Information Administration is due to release its report on oil inventories in the week ended November 2nd.
Crude oil inventories are expected to rise by 2.1 million barrels after climbing by 3.2 million barrels in the previous week.
The Treasury Department is scheduled to announce the results of its auction of $19 billion worth of thirty-year bonds at 1 pm ET.
At 3 pm ET, the Federal Reserve is due to release its report on consumer credit in the month of September. Consumer credit is expected to increase by $16.5 billion in September after jumping by $20.1 billion in August.
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Shares of Etsy (ETSY) are moving sharply higher in pre-market trading after the online crafts marketplace reported better than expected third quarter results and raised its full-year revenue forecast.
Cloud communications company Twilio (TWLO) is also seeing significant pre-market strength after reporting third quarter results that exceed analyst estimates and provided upbeat current quarter guidance.
Shares of Humana (HUM) may also move to the upside after the health insurer reported third quarter results that beat expectations and raised its full-year outlook.
On the other hand, shares of Michael Kors (KORS) are tumbling in pre-market trading after the luxury retailer reported fiscal second quarter earnings that beat estimates but weaker than expected revenues.
Satellite television company Dish Network (DISH) may also come under pressure after reporting a bigger than expected drop in customers in the third quarter.
Shares of Wendy?s (WEN) are also likely to move to the downside after the restaurant chain beat third quarter earnings estimates but lowered its same-store sales forecast for the year. | | | | | Become a Shareholder in High Times The Original Voice of Cannabis. Join our investor community and help shape the emerging cannabis industry.
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European stocks have risen sharply on Wednesday as investors digest the U.S. midterm election results and looked ahead to the Federal Reserve's monetary policy announcement on Thursday.
The U.S. election results came in line with expectations, with Democrats seizing the House majority from President Donald Trump's Republican Party, while Republicans retained control of the Senate.
While the German DAX Index has advanced by 0.9 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are both jump by 1.3 percent.
The British pound has risen for the third straight session after reports that a Brexit deal could be reached by the end of November.
British infrastructure group Balfour Beatty has moved notably higher after it secured a place on two major highway projects.
Homebuilder Persimmon has also advanced. Chief Executive Jeff Fairburn has been asked to leave the company after a row over his 75 million pound pay award.
Spanish banks BBVA, Santander and Sabadell have also moved to the upside after the Supreme Court ruled that lenders were not required to pay stamp duty on mortgages.
Dutch supermarkets and eCommerce company Ahold Delhaize N.V. has soared. The company increased free cash flow guidance for 2018 to at least 2.0 billion euros and said it is firmly on track to realize at least 5 billion euros in net consumer online sales by 2020.
Meanwhile, retailer Marks & Spencer Group has tumbled after the company warned of challenging trading conditions for fiscal 2019.
ITV shares have also slumped. The media firm has warned of a softening in advertizing revenue in the final three months of the year.
BMW Group shares have also fallen after the automaker's third quarter net profit declined by nearly 24 percent year-over-year to 1.405 billion euros due to higher research and development expenses.
Adidas has also moved to the downside after the sports shoes, clothing and accessories giant lowered its sales growth guidance for the year.
In economic news, euro area retail sales held unchanged in September after growing in the previous month, preliminary data from Eurostat revealed. Retail sales were flat sequentially, while economists expected a modest 0.1 percent gain.
Elsewhere, U.K house price inflation eased sharply in October to its lowest level since March 2013, survey data from IHS Markit and Lloyds Banking Group unit Halifax showed.
The Halifax house price index rose 1.5 percent year-on-year in the three months to October, which was sharply slower than the 2.5 percent increase in September. Economists had forecast a 1.3 percent climb.
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Asian stocks ended a choppy session on a mixed note on Wednesday as the U.S midterm election results came in line with expectations.
Democrats seized the House majority from President Donald Trump's Republican Party, a development that would give them the power to investigate Trump and help shape the nation's political agenda for the next two years.
Meanwhile, Republicans expanded their majority in the Senate, implying that the White House will still have the upper hand on getting key appointments approved.
Mainland Chinese stocks closed lower on growth concerns. The benchmark Shanghai Composite Index slid 18.01 points or 0.7 percent to 2,641.34, although Hong Kong's Hang Seng Index inched up 26.73 points or 0.1 percent to 26,147.69.
China's central bank chief Yi Gang said on Tuesday that the country will not resort to strong monetary stimulus but will instead step up funding support for private firms and other parts of the economy.
Japanese shares ended a choppy session lower as the U.S. midterm election results came along expected lines. The Nikkei 225 Index swung between gains and losses before ending the session down 61.95 points or 0.3 percent at 22,085.80. The broader Topix Index closed 0.4 percent lower at 1,652.43.
Automakers came under selling pressure as trade worries persisted despite Democrats taking control of the House. Honda Motor lost 2.7 percent, Nissan Motor dropped 1.1 percent and Mazda Motor shed 0.8 percent.
Olympus Corp slumped 4.5 percent after it set aside more than $85 million for expected losses related to the U.S. Justice Department's ongoing investigation into its duodenoscopes. Mitsubishi Materials also plummeted 8.3 percent after cutting its net profit forecast for the year ending March.
On the other hand, telecommunications company Nippon Telegraph And Telephone Corp soared 4.9 percent on share buyback news.
Australian markets eked out modest gains, led by financials. The benchmark S&P/ASX 200 Index rose 21.70 points or 0.4 percent to 5,896.90, while the broader All Ordinaries Index ended up 0.4 percent at 5,982.
Commonwealth Bank rose 0.6 percent despite the bank posting a decline in first quarter cash profits. ANZ, NAB and Westpac rose between 0.8 percent and 1.2 percent.
Meanwhile, BHP Billiton, which is facing a 5 billion pound lawsuit from Brazilian victims of the Samarco dam collapse in Mariana, slid half a percent.
Energy stocks closed broadly lower after crude oil prices fell for a seventh straight session overnight. Online retailer Kogan.com also tumbled 3.5 percent after signaling its entry into Australia's A$2.7 trillion superannuation industry.
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Crude oil futures are climbing $0.63 to $62.84 a barrel after tumbling $0.89 to $62.21 a barrel on Tuesday. Meanwhile, after falling $6 to $1,230.20 an ounce in the previous session, gold futures are rising $5.40 to $1,231.70 an ounce.
On the currency front, the U.S. dollar is trading at 113.26 yen compared to the 113.43 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1485 compared to yesterday?s $1.1427.
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