Stocks end sharply higher yesterday, following closely watched midterm elections that saw Democrats take control of the House and Republicans retain their hold on the Senate. The surge in stocks marks the best post-midterm election rally for the S&P 500 and Dow in more than three decades.
Shares of industrial stocks including 3M and Caterpillar rose as some investors viewed the split Congress as a potential mitigator to Trump’s aggressive trade policies. Shares of big tech companies are also climbing as the specter of regulatory crackdowns against giants including Amazon and Apple fizzled with a divided Congress.
The number of job openings in the U.S. fell in September just a month after setting an all-time high, but companies are still scrambling to find workers and offering higher pay and benefits to attract them. Job openings slipped to 7 million on the last day of September from a record 7.3 million in August. Even after the decline, job openings still exceed the 6.1 million Americans officially classified as unemployed.