US STOCKS-Dow, S&P 500 close at records after midterm vote

miércoles 5 de noviembre de 2014 17:39 GYT
 

* Republican gains 'a clear plus' for investors

* Energy shares among day's strongest

* Dow up 0.58 pct, S&P up 0.57 pct, Nasdaq down 0.06 pct (Adds market close, new quote, more on elections)

By Yasmeen Abutaleb

NEW YORK, Nov 5 (Reuters) - U.S. stocks rose on Wednesday, with both the S&P 500 and Dow advancing to records, after Republicans took control of the Senate, allaying fears of drawn-out runoffs and raising investor hopes for more business- and energy-friendly policies.

A stronger-than-expected report on the labor market also helped lift stocks, but some weak tech sector earnings weighed on the Nasdaq.

The beaten-down energy sector rallied on hopes that a Republican majority could pass legislation that includes approval of oil and gas pipelines and reforms of crude and natural gas export laws. The S&P energy index was up 1.8 percent.

"For now, the market generally likes the results. If we had uncertainty around the result, that would have been a cause for concern," said John Canally, chief economic strategist at LPL Financial.

"A little bit less business unfriendliness coming out of Washington is a clear plus," he added, noting that 88 percent of the time, stocks rise in the fourth quarter of midterm election years, regardless of the outcome.   Continuación...