By Anora Mahmudova and Barbara Kollmeyer, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks are moving decidedly
higher on Wednesday, in the wake of positive jobs data and midterm
election results that left Republicans with a Senate majority.
Investors appear to give the service sector data a pass, which
showed it has been growing at a somewhat slower pace.
Both the S&P 500 (SPX) and the Dow Jones Industrial Average
(DJI) are trading above their previous closing records and near
their intraday highs.
The Nasdaq Composite (RIXF) also inched higher.
Investors welcomed the results of midterm elections in which
Republicans, who are generally viewed as more pro-business,
regained control of the Senate. By taking the Senate and keeping
the House, the GOP takes control of Congress for the first time in
eight years.
Read: A breakdown of how the market performs after midterm
elections.
The dollar(USDJPY) shot to a seven-year high against the yen in
wake of those election results. As the dollar surged, gold
prices(GCZ4) tumbled about 2%, and silver (SIZ4) sank nearly 4%.
Republicans are expected to be tougher on the Federal Reserve and
its ultra-loose monetary policies.
See: The surprises that defined Republicans' very good Election
Day
Helping general sentiment was positive report on private-sector
hiring. ADP report showed the private sector added 230,000 jobs
last month, exceeding consensus forecasts. It is the sixth month in
seven that private-sector hiring has topped 200,000.
Separately, U.S. service sectors such as retail and real estate
grew at a rapid but somewhat slower pace in October, while an
employment gauge hit a nine-year high, according to monthly survey
of senior executives.
Stocks to Watch: Mondelez International Inc (MDLZ) surged after
the packaged-food company beat estimates for the third-quarter
earnings.
EOG Resources (EOG) jumped after the oil and gas company beat
earnings and revenue forecasts and raised its full-year production
outlook.
Time Warner Inc. (TWX) shares climbed after its sales and
earnings beat forecasts.
Later on Wednesday, Tesla Motors Inc. (TSLA) will report, and
shares were up 1.1% ahead of those results. What to expect from
Tesla earnings
Shares of Activision Blizzard Inc. (ATVI) rose after the group
posted a weaker-than-expected outlook for the fourth quarter in
late trading Tuesday, but earnings beat forecasts.
TripAdvisor Inc. (TRIP) slid after its third-quarter results
disappointed.
FireEye Inc. (FEYE) tumbled after the company missed sales
forecasts for the third quarter.
(Read more about the day's notable stocks in Movers &
Shakers column:
http://www.marketwatch.com/storyno-meta-for-guid.)
Commodities under pressure: While gold fell, there was also no
letup for oil prices, with WTI crude(CLZ4) down another 40 cents.
U.S. stocks finished a choppy session lower on Tuesday, dragged by
steep losses for energy companies.
Europe stocks caught a tailwind from higher U.S. stock futures.
In Asia, stocks generally fell, outside of a 0.4% gain for the
Nikkei 225 index .
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