STOCKS RISE AS AMERICA VOTES: Here's what you need to know
Darren Ornitz/Reuters
This is it!
Stocks headed higher for the day as Americans took to the polls, marking the end of the US presidential campaign.
Based on most proxies, it appears the market is pricing in a victory by Democratic presidential nominee Hillary Clinton.
We'll have coverage of the election results and the market reaction throughout the night, so check out the live blog for all the latest updates.
We've also got the headlines of the day, but first, the scoreboard:
- Dow: 18,332.74, +73.14, (+0.40%)
- S&P 500: 2,139.56, +8.04, (+0.38%)
- Nasdaq: 5,193.49, +27.32, (+0.53%)
- WTI crude oil: $44.86, -$0.03, (-0.07%)
- See the final Business Insider Electoral Projection here — it looks like a nail biter but Clinton is ahead!
- The Mexican peso jumped more than 1% against the US dollar. The peso is seen as a proxy for Republican nominee Donald Trump's chances, since his policies have generally been seen as a negative for the Mexican economy. Thus, as the currency strengthened markets are thought to be discounting his victory.
- US Treasurys also sold off. Investors also sold safe haven assets such as US government bonds, with the yield of the US 10-year jumping 3.4 basis points.
- Rental car company Hertz collapsed after abysmal earnings. The firm posted earnings per share of $1.50 per share against analyst estimates of $2.73. The stock fell nearly 50% to start the day, but ended down only 25%.
- Valeant collapsed after weak earnings and lower guidance. The troubled pharmaceutical company adjusted its expected annual earnings down to a range from $5.30 to $5.50 per share from the previous estimate of $6.60 to $7.00. Also Business Insider's Linette Lopez and Matt Turner got their hands on some internal documents detailing the company's relationship with former specialty pharmacy affiliate Philidor.
- CVS tanked after poor earnings. The pharmacy and retailer dropped over 11% in trading on Tuesday after lowering its earnings forecast and posting net revenue below expectations. CEO Larry Merlo cited "slowing prescription growth" as the reason for the lower guidance.
- Job openings rose in line with expectations and layoffs are at a record low. The JOLTS report showed job openings in the US rose to 5.486 million and layoffs and discharges as a percentage of total employment fell to 1.1%, the lowest since 2001.
ADDITIONALLY:
The companies that could be the biggest winners of a Trump or Clinton presidency.
The market's pre-election freak-out isn't that unusual.
There's only one place in the world to be an investment banker.
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