Stocks see election boost, Senate races narrow

Oil bounced back to $37 per barrel level

Stocks, in another choppy session, closed higher on Monday, as the U.S. prepares for the presidential election and as fresh polling shows key Senate races are narrowing in states including Iowa, North and South Carolina.

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This as President Trump and Joe Biden both double down on key states.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES29910.37+37.90+0.13%
SP500S&P 5003638.35+8.70+0.24%

The Dow Jones Industrial Average added 423 points or 1.6% while the S&P 500 rose 1.2%.

TickerSecurityLastChangeChange %
I:COMPNASDAQ COMPOSITE INDEX12205.846315+111.44+0.92%
AAPLAPPLE INC.116.59+0.56+0.48%
AMZNAMAZON.COM INC.3,195.34+10.27+0.32%
FBFACEBOOK INC.277.81+2.22+0.81%
TWTRTWITTER INC.46.59+0.16+0.34%

The Nasdaq Composite bounced between losses and gains, but still tacked on 0.4% despite declines in Apple, Amazon Facebook and Twitter.

STOCKS POST WORST WEEK SINCE MARCH AHEAD OF THE US ELECTION

Investors shrugged off rising COVID-19 cases with the U.S. surpassing 9 million infections on Friday, a number that is expected to move sharply higher as the colder weather sets in across the country. More than 228,000 people in the U.S. have died as a result of the virus, according to data from Johns Hopkins University.

OIL REBOUNDS

Rising lockdowns continue to hurt oil prices, though West Texas Intermediate crude bounced back above the $37 per barrel level. Investors do remain concerned a victory by Democratic presidential candidate Joe Biden would be bearish for the oil and gas industry.

EARNINGS PARADE

On the earnings front, shares of consumer giant Clorox rallied after posting a strong quarter, in part due to the demand for disinfectant products during the pandemic.

CLOROX SALES SPIKE AS CORONAVIRUS SPURS DEMAND FOR CLEANING PRODUCTS

Estee Lauder shares gained as business rebounded in key areas such as China.

Investors also heard from Marathon Petroleum, which said third-quarter profit and revenue missed analysts' estimates.

TickerSecurityLastChangeChange %
CLXCLOROX203.09+2.34+1.17%
ELESTEE LAUDER245.94-0.38-0.15%
MPCMARATHON PETROLEUM CORP41.42-0.06-0.14%

In deal news, investors bought into Dunkin Brands after confirming it will be taken private in an $8.7 billion dollar deal led by Inspire Brands, parent of Arby's, Buffalo Wild Wings and Sonic Drive-In.

TickerSecurityLastChangeChange %
DNKNDUNKIN BRANDS GROUP106.33+0.04+0.04%

DUNKIN' BRANDS TO GO PRIVATE IN $8.76B DEAL BY ARBY'S OWNER

ECONOMIC REBOUND

On the economic front, the University of Michigan released its final reading for consumer sentiment in October, coming in slightly above estimates at 81.8, compared to forecasts for 81.2. Chicago PMI data showed continued improvement, with a reading of 61.1, compared to expectations of a reading of 59, indicating expansion.

ISM Manufacturing showed continued economic expansion, with a reading of 59.3, compared to expectations of 55.7. Construction spending rose 0.3% in September, compared to a rise of 0.9%.

These reports followed improving stats out Friday on Personal income which rose 0.9%, compared to expectations of 0.3%, while spending rose 1.4%, also ahead of expectations.

EARNINGS AFTER THE BELL 

TickerSecurityLastChangeChange %
PYPLPAYPAL HOLDINGS INC.211.39-3.07-1.43%
MDLZMONDELEZ INTERNATIONAL INC.57.46-0.03-0.05%
SWKSSKYWORKS SOLUTIONS INC.136.16+0.21+0.15%

After the close of trading, PayPal Holdings Inc., Mondelez International Inc. and Skyworks Solutions Inc. will be among the companies releasing results.

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In other commodities, gold ticked higher to $1,890.40 an ounce.

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