Stocks traded higher on Tuesday, Nov. 6, as Wall Street focused on the outcome of midterm elections that could either stall or extend the longest equity bull market in history.
Americans headed to the polls Tuesday to choose the 435 lawmakers who will sit in the House of Representatives and the 35 Senate seats up for grabs in this year's election cycle. Analysts have suggested that Democrats have an 85% chance of recapturing control of the House, while their Republican rivals have similar odds to hold the upper chamber.
That result, based on historical data, likely would deliver slower stock market gains over the final two years of Donald Trump's first term following a 28% gain for the S&P 500 since his election in November 2016, the best performance since Dwight D. Eisenhower in the mid-1950s.
The Dow Jones Industrial Average was up 173 points, or 0.7%, to 25,635.01, the S&P 500 rose 0.6%, and the Nasdaq gained 0.6%.
Eli Lilly & Co. (LLY) reported third-quarter adjusted earnings of $1.39 a share, 4 cents above Wall Street estimates. Revenue of $6.06 billion topped forecasts of $6.05 billion.
The drugmaker raised its outlook for adjusted profit in 2018 to $5.55 to $5.60 a share, up from its previous forecast of $5.40 to $5.50. The stock fell 3.7%.
Eli Lilly Tops Q3 Earnings Estimate, Lifts 2018 Outlook as Diabetes Sales RiseCVS Health Corp. (CVS) said third-quarter adjusted earnings were $1.73 a share, higher than expectations of $1.71. Revenue rose 2.4% to $47.3 billion and slightly beat estimates. Same-store sales in the quarter jumped 6.7%. Shares gained 4.5%.
CVS Rises on Q3 Earnings and Revenue BeatRalph Lauren Corp. (RL) reported fiscal second-quarter earnings of $2.26 a share, beating expectations of $2.16. Revenue in the quarter was $1.69 billion, higher than forecasts of $1.65 billion. The stock declined 6.6%.
Toyota Motor Co. (TM) posted slightly weaker-than-expected fiscal second-quarter profit, but said a weaker yen, accelerated cost cuts and improving markets in China and North America should boost full-year earnings.American depositary receipts of Toyota rose 1.6% on Tuesday.
Toyota Boosts Full-Year Profit Outlook Amid Weakening Yen, Improving China SalesBooking Holdings Inc. (BKNG) reported third-quarter earnings of $37.78 a share, below analysts' estimates of $38.21. Revenue was $4.85 billion, higher than estimates of $4.8 billion.
The online-travel company said it expects fourth-quarter earnings of $18.90 to $19.40 a share, while analysts expect $18.74. Shares rose 4.2%.
Marriott International Inc. (MAR) fell 5.1% on Tuesday after the hotel chain reported third-quarter earnings that beat estimates but sales of $5.05 billion missed expectations of $5.3 billion.
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