Key facts
- The Dow Jones Industrial Average was at 52,883.92, up 2.12%, shortly after the opening bell on November 4.
- The S&P 500 was at 7,697.39, up 1.7%, and the Nasdaq 100 at 28,665.05, up 1.72%.
- Molina Healthcare and HCA Healthcare each rose 6%, and Centene rose 4%, the report said.
- The 10-year Treasury yield was 4.92%, down 2 basis points, and the 2-year was 4.59%, down 1 basis point.
- Gold rose nearly 3% to $4,054 an ounce by the morning of November 4, the report said.
- Bitcoin traded around $78,304, up 1%, according to the report.
US stocks rallied at the open on November 4 as investors weighed a streak of Democratic victories in the midterm elections, the report said. The major indexes initially dropped overnight before reversing course, with the Dow up more than 1,200 points at one stage.
Shortly after the 9:30 a.m. ET opening bell, the S&P 500 was at 7,697.39, up 1.7%; the Dow Jones Industrial Average was at 52,883.92, up 2.12%; and the Nasdaq 100 was at 28,665.05, up 1.72%.
Art Hogan, chief market strategist at B. Riley Wealth Management, told Business Insider that investors were relieved to know the results and to contemplate that some rules and regulations put in place over the past couple of years may be moderated. Justin Buell, chief investment officer of Continuity Group, wrote in a note that the midterms came at a good time for a stock market dealing with AI-driven volatility.
Healthcare stocks gained, with Molina Healthcare and HCA Healthcare each up 6% and Centene up 4%, as markets priced a higher probability that Democratic lawmakers repeal some cutbacks to programs such as Medicaid and Medicare, Hogan said. Renewable energy funds also rose: the Invesco Solar ETF gained 6%, the iShares Global Clean Energy ETF 4% and the First Trust NASDAQ Clean Edge Green Energy Index Fund 1%.
Treasury yields fell across the curve, with the 2-year at 4.59%, down 1 basis point; the 10-year at 4.92%, down 2 basis points; and the 30-year at 5.30%, down 1 basis point. Investors pointed to the possibility that lawmakers could rein in the US-Iran war, which the report said has weighed on markets for most of 2026.
Gold rose nearly 3% to $4,054 an ounce by the morning of November 4, and bitcoin traded around $78,304, up 1%, according to the report. Ranim Turfa, head of research and market analysis at Tickmill's Middle East and North Africa arm, wrote that lower rate-hike expectations make Treasurys and the dollar less competitive against non-yielding assets.
The report also flagged the data-center trade as a loser, citing the possibility of more regulation and oversight on data center construction. It said Democrat Gina Hinojosa's victory in the Texas governor race was viewed as bearish for an infrastructure developer, without naming the company.