US close: Stocks higher as investors await midterm election results

dl nyse new york stock exchange wall st street city finance dow jones nasdaq sp finance dollar dollars us usa united states of america 2 — New York Stock ExchangeSharecast photo / Josh White

Wall Street stocks were in the green at the end of trading on Tuesday as polls shut up shop for the 2022 US midterm election.

At the close, the Dow Jones Industrial Average was up 1.02% at 33,160.83, while the S&P 500 was 0.56% firmer at 3,828.11 and the Nasdaq Composite saw out the session 0.49% softer at 10,616.20.

The Dow Jones closed 333.83 points higher on Tuesday, extending gains recorded in the previous session.

Tuesday's primary focus was the US midterms, the result of which will determine which side of the aisle controls Congress and has the power to steer future policy and spending. Market reactions will almost certainly depend on whether or not Republicans can take back control of the House of Representatives, the Senate, or both.

On the macro front, small business optimism fell to a three-month low in October, according to the National Federation of Independent Business. The NFIB's small business optimism index fell to 91.3 in October, down 92.1 in September, as 33% of owners stated inflation was their primary concern when it came to operating businesses - up three points from the previous month to make up the highest percentage since the fourth quarter of 1979.

In terms of earnings, Walt Disney posted earnings that fell short of expectations but said its streaming business was at a "turning point", while AMC Entertainment reported yet another quarterly loss despite seeing revenues improve throughout the period.

Elsewhere, Elon Musk sold off $3.95bn in Tesla stock, according to the Securities and Exchange Commission.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Amgen Inc. (AMGN) $292.39 5.55%
Boeing Co. (BA) $169.62 2.86%
American Express Co. (AXP) $150.20 2.19%
Verizon Communications Inc. (VZ) $37.87 1.83%
Salesforce.Com Inc. (CRM) $147.10 1.74%
Unitedhealth Group Inc. (UNH) $553.05 1.47%
Merck & Co. Inc. (MRK) $101.50 1.43%
International Business Machines Corporation (CDI) (IBM) $140.04 1.23%
Visa Inc. (V) $201.83 0.84%
McDonald's Corp. (MCD) $278.40 0.72%