What Did the Stock Market Do Today?

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Welcome to Thursday! It promises to be another busy day in the news, and the stock market, as Americans await more updates on election results. Keep an eye on battleground states like Arizona, Nevada, Georgia and Pennsylvania. All have promised to release more votes throughout the day.

Latest Updates:

Closing Bell: Stocks, Bitcoin Close Higher Thursday

[Thursday, November 5, 4:18 pm]
Contributed by Sarah Smith

Investors have now watched the second full day of post-election trading wrap up, and the United States still does not have a new president. Although we have seen new updates from Pennsylvania, Georgia, Nevada and Arizona today, election officials in each of these battleground states still have votes to count. In Pennsylvania, which comes with 20 electoral votes, there are more than 500,000 ballots left.

However, the stock market is still rallying along. Investors are largely optimistic that we will soon know the result in the presidential race. It also helps that a blue wave looks increasingly unlikely.

Here is where things stand after the closing bell:

  • The S&P 500 closed higher by 1.95%
  • The Dow Jones Industrial Average closed higher by 1.95%
  • The Nasdaq Composite closed higher by 2.59%
  • The Russell 2000 closed higher by 2.83%
  • Gold closed higher by 2.91% to $1,951.30.
  • Bitcoin (CCC:BTC) closed higher by 5.83% to $15,098.43.

Nio Stock Rallies Ahead of Battery Launch Event

[Thursday, November 5, 4:02 pm]
Contributed by Sarah Smith

In the final minutes of the trading day, Nio (NYSE:NIO) stock is surging higher. Shares closed higher by 12.7%. The company announced via its website and social media platforms that at 12:30 a.m. Eastern Friday, it will be hosting the Nio 100 kWh Battery Launch Event. Early speculation suggests that such a battery launch will rival the current capabilities of models from Tesla (NASDAQ:TSLA) and other competitors.

Cannabis Stocks Rally Thursday on Cuomo Promises

[Thursday, November 5, 3:32 pm]
Contributed by Sarah Smith

New York may not have been a leader during the 2020 elections, but it sure wants to be a follower. Just a few days after neighbor New Jersey — and a handful of other states — voted to legalize recreational marijuana, New York Gov. Andrew Cuomo has promised his state will look to do the same next year. This announcement has Tilray (NASDAQ:TLRY), Canopy Growth (NYSE:CGC), Aurora Cannabis (NYSE:ACB), Cronos (NASDAQ:CRON), GrowGeneration (NASDAQ:GRWG) and Aphria (NASDAQ:APHA) rocketing higher Thursday.

Federal Reserve Keeps Rates At Near-Zero Levels

[Thursday, November 5, 2:18 pm]
Contributed by Sarah Smith

The Federal Reserve has spoken. In an unsurprising move, the central bank announced its plan to keep its benchmark interest rate between 0% and 0.25%. This announcement comes along with commentary that the U.S. economy remains stubbornly below pre-pandemic levels.

Here are five stocks to buy while low interest rates remain steady.

Dow Tacks On Another 500+ Points Thursday

[Thursday, November 5, 1:31 pm]
Contributed by Sarah Smith

With just three hours left in the trading day, where do things stand?

Importantly, no further states have been called in the race between former Vice President Joe Biden and President Donald Trump. Things are looking increasingly tight in Georgia and Arizona, and other battleground states like Nevada and Pennsylvania continue to provide updates. At this point, some experts like the team at FiveThirtyEight think Nevada is close enough to call in favor of Biden. But beyond that speculation, it remains unclear when we will have a victor.

How are the markets holding up? Each of the major indices continues to climb higher, marked by an impressive rally in the Dow Jones Industrial Average. Here is what you need to know:

  • The S&P 500 is up by 2.09%
  • The Dow Jones Industrial Average is up by 1.89%
  • The Nasdaq Composite is up 2.41%
  • The Russell 2000 is up 2.75%
  • Gold is up 2.69% to $1,947.30.
  • Bitcoin (CCC:BTC) is up 5.08% to $14,991.65.

Why Upwork Stock Is Soaring 41% Today

[Thursday, November 5, 12:50 pm]
Contributed by Sarah Smith

Freelancer platform Upwork (NASDAQ:UPWK) is having an amazing time in the stock market today, largely in part to its third-quarter earnings report. The company, which facilitates the pairing of customers with various freelancers and agencies over its platform, beat on revenue and earnings per share estimates. Revenue came in at $96.75 million while EPS came in at 4 cents. Wall Street was calling for revenue of $90.44 million and for an 8-cent loss.

As CEO Hayden Brown shared along with the results, people rushed to adopt the Upwork platform this quarter. That should be unsurprising. With more Americans — and individuals around the world — out of work, freelance models are appealing. Plus, even those individuals still employed may be looking for extra money as election and novel coronavirus woes weigh on the economy.

But there is another big reason investors should be confident in UPWK stock and its gig-economy peers right now. California voters passed Proposition 22. This high-profile ballot measure allows app-based ride-hailing companies like Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT) to classify their drivers as contractors. However, the ruling goes beyond the world of ride-hailing. With Proposition 22 locked down, other freelance companies have some wiggle room. No wonder Upwork, Uber, Lyft and freelance platform peer Fiverr (NYSE:FVRR) are all climbing in the stock market today.

Read more on how to evaluate these gig economy stocks here.

Bitcoin Jumps 6% to Cross $15,000

[Thursday, November 5, 12:15 pm]
Contributed by Sarah Smith

We still do not know who the next U.S. president is, and cryptocurrency bulls are having a field day. New accumulation has taken the price of bitcoin (CCC:BTC) up 6.46% to $15,187.88. Importantly, this is the first time the crypto has hit these levels since a rally in 2018.

How should you play the surge? As Omkar Godbole wrote for CoinDesk, the upward trends in accumulation addresses and price indicates that investors are confident they are chasing bitcoin up for the long term. That should give you some confidence if election uncertainty has you considering a digital safe-haven asset.

Airbnb Will Make Its IPO Filing Public Next Week

[Thursday, November 5, 9:57 am]
Contributed by Sarah Smith

Investors are likely cheering news that Airbnb will make its filing for an initial public offering available to review next week. The company has met no shortage of challenges, including the novel coronavirus. But the short-term rental and travel experience business is still planning to hit the Nasdaq Exchange in what will be one of the largest debuts in 2020. Plans to release the filing next week keep Airbnb on track for a listing in December.

Why does this matter? After a summer rush toward IPOs, Airbnb offers something a bit more familiar. Investors have likely used it, they understand its business model. Plus, as we start to see travel demand rebound, Airbnb could represent a seriously high-growth stock.

One more thing to note: Expedia (NASDAQ:EXPE) is racing higher this morning after its quarterly earnings report. The travel company shared it saw a huge uptick in summer travel demand before the second wave of the coronavirus gained steam. Booking Holdings (NASDAQ:BKNG) is similarly rallying today. We know people want to travel, especially after largely being cooped up inside since March. Although December poses coronavirus challenges, Airbnb could been in for good times once cases come down and demand comes back up.

Keep this IPO on your radar.

Stocks Open Higher to Kick Off Thursday

[Thursday, November 5, 9:34 am]
Contributed by Sarah Smith

  • The S&P 500 opened higher by 1.49%
  • The Dow Jones Industrial Average opened higher by 1.28%
  • The Nasdaq Composite opened higher by 3.85%
  • The Russell 2000 opened higher by 0.05%

Initial Jobless Claims Remain Stubbornly High

[Thursday, November 5, 9:07 am]
Contributed by Sarah Smith

Investors learned Thursday morning that 751,000 Americans filed for initial jobless claims in the past week. The narrative here is that these claims remain stubbornly high — dropping just 7,000 claims from the previous report. There are two other things to note. Economists were calling for 735,000 initial jobless claims this week, meaning this report is worse than those expectations. The other thing to note is a bit more positive. While we have seen wildly elevated claims levels since early March, Thursday marks the tenth straight report that comes in below the 1 million threshold.

What to watch? Election results will certainly matter here. Investors are still betting that a victory by former Vice President Joe Biden would bring a generous stimulus package. If that happens, enhanced unemployment benefits and direct payments could help offset the toll of continued unemployment.

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